Scott

Appreciate that. Let's talk about OpenAI, which is now abandoning these plans to become a for-profit entity. That's the headline, at least. Just some context here. OpenAI, you might remember, it was originally a non-profit organization. It was sort of this research lab where they were investigating the impact of AGI.

They eventually started building products and raising money, and then they changed their structure. And the way they did it they created this new for-profit subsidiary company that was still controlled by the nonprofit entity. But this subsidiary company, that was a for-profit that could focus on maximizing profits, maximizing shareholder value in the same way any other company would.

They eventually started building products and raising money, and then they changed their structure. And the way they did it they created this new for-profit subsidiary company that was still controlled by the nonprofit entity. But this subsidiary company, that was a for-profit that could focus on maximizing profits, maximizing shareholder value in the same way any other company would.

They eventually started building products and raising money, and then they changed their structure. And the way they did it they created this new for-profit subsidiary company that was still controlled by the nonprofit entity. But this subsidiary company, that was a for-profit that could focus on maximizing profits, maximizing shareholder value in the same way any other company would.

Now, as of last year, the plan was to completely detach from the non-profit structure. They wanted to cut ties with this non-profit entity and this for-profit subsidiary would become its own company. It would basically become a regular company. And that was the plan. And you might remember this was the contingency upon which some of these investors like SoftBank invested in their latest round.

Now, as of last year, the plan was to completely detach from the non-profit structure. They wanted to cut ties with this non-profit entity and this for-profit subsidiary would become its own company. It would basically become a regular company. And that was the plan. And you might remember this was the contingency upon which some of these investors like SoftBank invested in their latest round.

Now, as of last year, the plan was to completely detach from the non-profit structure. They wanted to cut ties with this non-profit entity and this for-profit subsidiary would become its own company. It would basically become a regular company. And that was the plan. And you might remember this was the contingency upon which some of these investors like SoftBank invested in their latest round.

Okay, so they're scrapping that plan. They are going to remain under the control of the nonprofit board. They're also turning the for-profit entity into what's known as a public benefit corporation or a PBC. This is basically just another term for a company that makes money, but also pursues some sort of social goal. So I think this is all a giant distraction, a giant head fake.

Okay, so they're scrapping that plan. They are going to remain under the control of the nonprofit board. They're also turning the for-profit entity into what's known as a public benefit corporation or a PBC. This is basically just another term for a company that makes money, but also pursues some sort of social goal. So I think this is all a giant distraction, a giant head fake.

Okay, so they're scrapping that plan. They are going to remain under the control of the nonprofit board. They're also turning the for-profit entity into what's known as a public benefit corporation or a PBC. This is basically just another term for a company that makes money, but also pursues some sort of social goal. So I think this is all a giant distraction, a giant head fake.

I think it's all meaningless language. I can get into that. But before I do that, Scott, your reactions.

I think it's all meaningless language. I can get into that. But before I do that, Scott, your reactions.

I think it's all meaningless language. I can get into that. But before I do that, Scott, your reactions.

The only substantive change is what you just said about getting rid of the capped profit structure, which they talked about for a long time. They said, we're not a normal company because you can only make 100x return, which is hilarious because 100x return is just gigantic. So it's not really saying much, but they're getting rid of that now. And so actually it's an unlimited profit.

The only substantive change is what you just said about getting rid of the capped profit structure, which they talked about for a long time. They said, we're not a normal company because you can only make 100x return, which is hilarious because 100x return is just gigantic. So it's not really saying much, but they're getting rid of that now. And so actually it's an unlimited profit.

The only substantive change is what you just said about getting rid of the capped profit structure, which they talked about for a long time. They said, we're not a normal company because you can only make 100x return, which is hilarious because 100x return is just gigantic. So it's not really saying much, but they're getting rid of that now. And so actually it's an unlimited profit.

It's just a regular company now. So that's the only substantive change here. So I love what you say there, nomenclature engineering. That's exactly what this is. This is so meaningless. and just such a load of bullshit. The fact that we're even reporting on it and saying that they're scrapping their for-profit plans, that's not true at all. Of course they're going ahead with being a for-profit.

It's just a regular company now. So that's the only substantive change here. So I love what you say there, nomenclature engineering. That's exactly what this is. This is so meaningless. and just such a load of bullshit. The fact that we're even reporting on it and saying that they're scrapping their for-profit plans, that's not true at all. Of course they're going ahead with being a for-profit.

It's just a regular company now. So that's the only substantive change here. So I love what you say there, nomenclature engineering. That's exactly what this is. This is so meaningless. and just such a load of bullshit. The fact that we're even reporting on it and saying that they're scrapping their for-profit plans, that's not true at all. Of course they're going ahead with being a for-profit.

Just a few reasons why it's meaningless. One, Public benefit corporation, as you say, this is a seriously bullshit concept. It's the same as ESG in the sense that it's all talk, no action. It's this new legal entity that was formed in the 2010s. I think it should never have existed. But you basically just say that you are pursuing a social goal.