Seth Fiegeman

It does have the appearance of circularity.

We'll figure out more of the details soon, but OpenAI is going to help the businesses that Thrive Holdings invest in by embedding its own teams within those businesses to help them speed up and become more efficient in AI deployment.

And of course, Thrive Holdings is part of Thrive Capital, which played a really pivotal role in backing OpenAI over the last couple of years in multiple rounds and making it what it is today.

So mutual thanks.

Yeah, I think we're trying to figure out what the precise deal terms are here, but regardless, this is opening eye that was primarily backed by Thrive Capital over multiple investment rounds, now having a stake and a vested interest in seeing this other arm of Thrive

you know, thrive and its businesses do well.

What dollars changed hands, we don't know yet, but it fits into the larger mold here of a lot of these non-traditional arrangements between VCs, chip makers, cloud providers, and the up and coming AI developers who are all kind of bound tightly together.

And I think the industry would say, well, this ensures that they all kind of rise up, they all help each other and they all do well.

But I think those interwoven agreements are also a real cause for concern right now.

Yeah, I think Thrive at one time was more into smaller investments, and now they're kind of doing the private equity thing.

They're launching or acquiring bigger firms, and they see AI as a real opportunity to expand their portfolio in a way that maybe the traditional VC arm doesn't.

would not have done, and OpenAI seems very eager and willing to come along for that ride.

That's right.

We really don't have any numbers here.

I mean, it is another testament to the scale of OpenAI's ambition in particular on the infrastructure front, as well as Foxconn's desire to diversify away from its reliance on Apple and really gain momentum on the AI server front.

But I think stepping back from it, the really important thing to take away apart from a lot of the rhetoric around what it means for U.S.

manufacturing is what it means for OpenAI as it tries to

not just move faster on the infrastructure front, even in the face of anxiety about AI spending, but also begin to build more of a moat or competitive advantage on the infrastructure side.

We talk a lot on the show and elsewhere about how much and how quickly AI models are being commoditized and whether there's a competitive advantage there.

But I think what you've seen all many opening AI do is try to assert more ownership over the supply chain for data center build out and chips in a way that could give it a different competitive advantage and lower costs in the long term.