AMD & Anthropic's Partnership, Robinhood's "Platinum" Card & Vanguard's New Fund
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What are the top headlines on this week's Rich Habits Radar?
Welcome back to the Rich Habits Radar, our Friday episode of the Rich Habits Podcast, where every Friday morning, we're coming at you with the biggest headlines impacting you and your money. This episode is brought to you by VCX, the public ticker for private tech. My name is Austin Hankwitz. I'm joined by my co-host, Robert Croke. And the three things sitting at the top of our Rich Habits Radar this week include OpenAI gearing up for a eventful IPO. AMD and Anthropix new partnership announcement and updates on Trump's tariffs. Be sure to stick around to the end where we chat about Robinhood's new platinum card. And I'm not getting it. I don't know about you, Robert, but it is. It's interesting. We'll talk about it.
Robert, let's dig into our first story.
Sure. Yeah. Story number one, OpenAI is gearing up for an IPO sooner than later. We've all seen it in the headlines. And OpenAI added two new independent board members, David Velez, the founder and CEO of NewBank, the largest digital bank in Latin America, and Robin Vince, the CEO of Bank of New York Mellon. Vince is joining the audit committee. And these are not AI people. These are Wall Street people. And they tell you exactly what this is all about. Getting the house in order for an IPO that could come as soon as later this year.
So, Robert, let's put some numbers around why they need adults in the room. OpenAI just raised their projected spending on computing power to around $750 billion through 2030. That is up from $600 billion earlier this year. And remember, that $600 billion is sort of a walk back. Sam Altman originally told people the company was going to spend $1.4 trillion on compute between now and the end of the decade, which was so alarming that their CFO, Sarah, quietly went behind the backs of management to reassure investors that real numbers will not be $1.4 trillion, it'll be closer to $600 or $700 billion. But now we're seeing that creep back up.
Yeah, I love your take of adults in the room because we see all the headlines about Sam. And I think it's important for everyone to understand they are putting the right team around him to make sure the guidance is correct. So here's where it gets interesting. OpenAI just committed $20 billion to a brand new data center project called Project Camellia in Effingham County, Georgia. 3.2 gigawatts of power from Georgia Power between 2028 and 2032. This is the first site where OpenAI is the leading designer and developer. At every other site, it's Oracle, AWS, they're renting that power. Now they want to own.
And to build it, they've hired Brett Mayo, one of the architects of Elon Musk's Colossus supercomputer over in Memphis, Tennessee. Brent Mayo left XAI earlier this year. He reports to Uday Rudaraju, who was just promoted to chief technology officer of the computing capacity, who also worked on Colossus. So we got Brett and Uday, who both used to work for Elon to go build out their Colossus.
Why is OpenAI preparing for an IPO and who did they add to the board?
Colossus massive data center over in Memphis, but now they're being pulled over to Sam Altman's OpenAI team to build this one out, which I think is just like the most OpenAI thing ever. Steal from Elon and other people. It's interesting.
Definitely. OpenAI CFO Sarah Fryer has privately told company leaders she's worried the company can't actually pay for all of this if revenue doesn't grow fast enough. And the revenue picture is not great for sure. OpenAI has been growing more slowly than Anthropic, while burning way more cash. And Sam Altman still owns zero equity in the company, which is almost unheard of for a CEO about to take a company public.
So Robert, for people listening right now that might want to be, you know, adding an OpenAI to their IPO watch list later this year, what does it mean for them and their money?
It means this is a very important IPO setup in tech right now, and it's a mess. You've got a company projecting $750 billion in compute spending, a CFO who's worried they can't afford it, a CEO with no equity and mounting conflict of interest scrutiny, and revenue growth that's falling far behind its biggest competitor.
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Chapters
4 chapters
1
What are the top headlines on this week's Rich Habits Radar?
0:00–2:52
2
Why is OpenAI preparing for an IPO and who did they add to the board?
2:52–11:15
3
What is Project Camellia and how much compute spending does OpenAI project?
11:15–28:47
4
How is Anthropic diversifying compute supply and partnering with AMD?
28:47–36:06
Speakers
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