2025-11-02XQuote

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People reading too much into Sam being feisty. I love that about him & in our founders. We laughed about it after. If you listen to his words - here is what is said: (1) alot more than $13 B revs in 2025, (2) $100 B revs sooner than people expect, (3) spending commitments aligned with revenue expectations & (4) risk of too little compute far greater than risk of too much. At that growth rate, could be $200 B revs in 2030. Match that against $200 B of capex & u have absolute juggernaut. If revenues come in slower, which is totally possible, they extend their capex ramp & u still have the fastest value creation in history. AI is the biggest supercycle in the history of technology & OpenAI is category defining. Their products (and the products of other frontier labs) improve lives & are critical for our country. Thrilled it is a huge investment for me & for Altimeter - and as Sam knows well - I am still a buyer. DM me if you are selling! 🫡🚀🇺🇸

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How can OpenAI with $13 billion in revenues make $1.4 trillion of spend commitments? (Source: @BG2Pod ) Sam Altman: “First of all. We’re doing well more revenue than that. Second of all, Brad, if you want to sell your shares, I'll find you a buyer. I just, enough. I think there's a lot of people who would love to buy OpenAI shares. I think people who talk with a lot of breathless concern about our compute stuff or whatever, that would be thrilled to buy shares. So I think we could sell your shares or anybody else's to some of the people who are making the most noise on Twitter about this very quickly. We do plan for revenue to grow steeply. Revenue is growing steeply. We are taking a forward bet that it's going to continue to grow and that not only will ChatGPT keep growing, but we will be able to become one of the important AI clouds, that our consumer device business will be a significant and important thing, that AI that can automate science will create huge value. There are not many times that I want to be a public company, but one of the rare times it's appealing is when those people are writing these ridiculous OpenAI is about to go out of business. I would love to tell them they could just short the stock, and I would love to see them get burned on that. But we carefully plan. We understand where the technology, where the capability is going to grow and how the products we can build around that and the revenue we can generate. We might screw it up. This is the bet that we're making and we're taking a risk along with that. A certain risk is if we don't have the compute, we will not be able to generate the revenue or make the models at this kind of scale.” Satya Nadella: “And let me just say one thing as both a partner and an investor. There is not been a single business plan that I've seen from OpenAI that they've put in and not beaten it. So in some sense, this is the one place where in terms of their growth and just even the business, it's been unbelievable execution, quite frankly. I mean, obviously, OpenAI, everyone talks about all the success and the usage and what have you. But even I'd say all up, the business execution has been just pretty unbelievable.”
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