Sam Altman

They were not.

I think for a lot of people, they're like, okay, this rivalry is definitely visible.

These are not friends, which is kind of funny because you'd think in front of like the president of a country where you're kind of going there to,

to, I don't know, to try to woo them and make them really like your company, not listening to them.

I don't know.

It just, it sounds, it's pretty funny to me.

Well, first of all, what we're doing here is we're licensing about 200 characters for users of Sora to create their own, basically, videos using Sora and those characters.

So it gives us an opportunity really to play a part in what is really a breathtaking growth in essentially AI.

When it comes to, you know, putting themselves in that one lightsaber scene from a lightsaber fight from Star Wars or making like a Buzz Lightyear custom birthday video for their kid, I think this is going to be like quite a big deal for our users.

To keep pushing the frontier, we need to build these new types of AI infrastructure hardware at scale, and I'm excited for that to happen in the US and with Foxconn.

We'll share insight into emerging hardware needs across the AI industry, and Foxconn will use that to design and prototype new equipment that can be manufactured in America.

Hey, good morning.

Thanks for having me.

So yeah, Oracle is really sort of the focus when people are starting to pay attention to the debt that is being issued by all of these tech companies.

I think the five big spenders on AI, which is Microsoft, Alphabet, Amazon Meta, and Oracle,

Together, they have raised more than $100 billion in debt this year.

That is more than three times the average over the past decade or so.

Oracle, in particular, because they are seen as having one of the weaker balance sheets of them, they're going to have negative cash flow this year that's expected to deepen in the coming years as they invest aggressively into their cloud business, which has been a big beneficiary of AI.

But if you look at their credit default swaps for the next five years, which is really being used as a kind of proxy for AI risk, those have skyrocketed over the past couple of months.

I think they're around 44 basis points in September.