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> That's how all financing works.
Most companies' debts are not backed by the government, which is what OpenAI asked for today. This is not remotely close to how most financing works. This isn't even how free markets work. This is a very literal shift towards "too big to fail" in a way that is unprecedented in modern history.
Most companies' debts are not backed by the government, which is what OpenAI asked for today. This is not remotely close to how most financing works. This isn't even how free markets work. This is a very literal shift towards "too big to fail" in a way that is unprecedented in modern history.
Is that this letter or something else?
https://cdn.openai.com/pdf/21b88bb5-10a3-4566-919d-f9a6b9c3e...
https://cdn.openai.com/pdf/21b88bb5-10a3-4566-919d-f9a6b9c3e...
Devil's advocate; if the fed decides to give it to them, how is it any different from ordinary financier economics?
I don't think this is a remotely smart decision, for the record. But the market has long been enabled to make stupid decisions, even by the command of the US government. We really screwed this pooch when the US ended the gold standard and decided that we would play with funny-money until the players could shake down the bank. Investing in a ludicrously-unsustainable global surveillance network like OpenAI is the next logical step after refusing to prosecute Google and Apple for abusing their control. The next "great work" is convincing the masses that AI is an ordinary part of their lives like the smartphone, and in many cases it's already working.
From a completely cynical perspective of OpenAI and the federal government colluding, it makes perfect sense.
I don't think this is a remotely smart decision, for the record. But the market has long been enabled to make stupid decisions, even by the command of the US government. We really screwed this pooch when the US ended the gold standard and decided that we would play with funny-money until the players could shake down the bank. Investing in a ludicrously-unsustainable global surveillance network like OpenAI is the next logical step after refusing to prosecute Google and Apple for abusing their control. The next "great work" is convincing the masses that AI is an ordinary part of their lives like the smartphone, and in many cases it's already working.
From a completely cynical perspective of OpenAI and the federal government colluding, it makes perfect sense.
Sheesh.
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I think OpenAI and the desperation for "new tech" is going to be a wake-up call on the value of IP over innovation. There's no money in proper competition, just locking down enough of the market until it's been exploited and you can move on.