Jyunmi Hatcher

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So the final story I've got is one I think is being covered by everybody, and that's OpenAI and their $122 billion funding round, right?

So they announced on Tuesday that they closed their latest funding round at $122 billion in committed capital and $852 billion post-money valuation.

Every outlet has covered this headline, but there might be some insight that we can grab from the structural details underneath.

So the round was anchored by three strategic partners, Amazon, which committed $50 billion, NVIDIA, which committed $30 billion, and SoftBank, which was another $30 billion.

Amazon's investment is one that warrants a little more scrutiny.

Of its $50 billion commitment, $35 billion is contingent.

It only materializes if OpenAI goes public or reaches the milestone of artificial general intelligence, which means 70% of Amazon's headline investment is conditional on events that haven't happened yet.

I don't know what Amazon's definition of AGI is here, but it's sounding a little much like Microsoft's original AGI investment.

The actual committed cash comes out to $15 billion.

There are similarly structured contingencies that may exist for the other ones, but that information hasn't been revealed.

So...

So it's interesting to see that most of the news when we get this sort of circular investment news, it's like, oh, well, if you commit to buying $100 billion worth of compute from me, then I'll give you $30 billion now.

Anyone remember the character Wimpy?

I'll pay you on Tuesday for a hamburger today.

That might actually show my age as well.

But