OpenAI is offering a 17.5% ‘guaranteed return’ to PE firms. It gets better. It has a PIK toggle. It gets better. JP Morgan is selling shares in OpenAI at a premium to their last round. It gets better. Microsoft is threatening to sue OpenAI for breach of contract. (They were exclusive). It gets better. Claude is eating OpenAI’s lunch. It gets better. Retail investors are paying a premium to the premium to access OpenAI shares.
JP Morgan: Do you have a minute? I’d like to tell you about Aerotyne International…
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