OpenAI is the New FTX

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I’m not sure if you noticed, but in spite of this week being the third mega-bullish week in a row (up 13 out of 15 trading days), powerhouse Microsoft barfed badly on Friday, ending the week where it began. In a completely fake market like this, having no net gain for a Mag-7 stock is shameful.

The reason is very specific to MIcrosoft, and that reason has a name: OpenAI. Now, you’re probably as sick of hearing about OpenAI as I am. I have found ChatGPT to be utterly useless, and the latest AI craze is nothing more than a canard to sell stocks. All the same, OpenAI has become the greatest thing since, oh, FTX, and people have not shut up about it or its founder, Sam Altman.

Well, no one is sure precisely why, but Sam (hey, Sam!) got the heave-ho on Friday. Some say it’s because his craven desire for mega-wealth had compelled him to commercialize OpenAI beyond recognition, and others say his allegations of molesting his 3 year old sister might have had a skosh to do with it.

At least we can be spared the daily interviews with the man and his I-think-I-might-poop-my-trousers-any-moment face accompanying said interviews.

Here’s hoping this marks some kind of apex for the AI lunacy. Watching NVDA crumble this upcoming Tuesday afternoon would be a nice follow-up.