OpenAI Acquires TBPN

Well, you know, yeah, and they're, they're trading very reasonably. They're at something like a $240 million run rate as of Q4, market cap of like $366 million. Okay. So yeah, it's priced— seems to be priced in. Yes. Um, uh, Buco says, imagine being a software company with like 250,000 customers, $1 billion of revenue growing 20%, and the market says worth $3.5 billion.

Because of the above, capital markets care more about revenue produced from chips rather than resale value, and chips are only a subset of the total cost of compute— heterogeneous builds, the rack, powered shell, interconnect, cooling. It was interesting when we were talking with CoreWeave about the— that I was really expecting the answer to be chip constraints and he was saying powered shells, powered shells, which is what we've heard from Satya Nadella.