OpenAI CEO Sam Altman is in talks with investors, including from the United Arab Emirates, to raise between $5 trillion to $7 trillion in funding. The goal, according to a report in The Wall Street Journal, is to increase the world’s chip manufacturing capacity and enhance AI capabilities.
The fundraising efforts are part of a broader strategy to address OpenAI’s growth constraints, particularly the scarcity of AI chips needed for training large language models like ChatGPT.
Altman’s proposal is said to include forming a partnership with investors, chip manufacturers, and power providers to finance the construction of chip foundries, which would then be operated by the chip manufacturers.
I’m not pretending AI isn’t useful. There is plenty of field where AI helps. But, AI has been the next scam after blockchain, crypto, NFT…
It’s the end of our civilization with falling capitalism. But, capitalism will try to find new ways to make short term profits. We moved from fordism to post-fordism with the enslavement of the cognitive abilities. We entered the next era with all these scams. And entshitification is a symptom of this.
i guess the number they want to fundraise comes from an AI (maybe because they do not want to think by themselves any more)
as far as i am right with the “trillion” which is just a “billion” where i live and 1e12 (a 1 followed by 12 zeroes)
but according to wikipedia (in 2017) there are only:
14.000.000.000.000 USD existing in the world while they want to fundraise 7.000.000.000.000 USD
so basically they want half of the USD that had been printed in all history up until 2017.
maybe they just want to say that they want to push YOU into poverty, who knows.
may it by getting it from you or by letting some govs print money faster than ever, reducing your money to half or less of a fraction of its previous virtual value.
But the AI that came up with that number had “good luck” to not come up with the need of “more” money than ever has existed =D
i think i’ld prefer to use a dice when i really need a random “decision”.
update: Plz tell me if i am wrong with the numbers or what the current 2024 number of all “printed” (well physical AND digital) USD in the world is at the moment. thx
yeah, thats exactly what i am saying, most of the money ever printed sits in places it will never leave, so IMO there are no 5trillion available on the market and the cash flow does not allow to take out even a “little” bit (speaking in 1e12 terms) before things collapse for the majority.
oh yes, printing money works exactly like that, it was just printed in the past and nowadays they just increase numbers in databases: plopp and the value of that currency and especially everything that is bound to it decreases, ripping you of what you have saved without even touching your bank account.
Over 6 trillion USD alone gets exchanged everyday on the currency markets. Cash flow is not the only source of money either, its an interface when value needs to be exchanged.
Open cash flow worldwide is about 35 trillion.
This is just cash though, if you take all markets and derivitives, depending on how you measure it - if you want to be technical about represented value then that’s worth over a quadrillion USD.
When you talk about reallocation of assets you are playing in the pool of a quadrillion dollars, not in the pool of free cash flow (the interface to it)
It may not reflect some of the weirdness, but it illustrates the absurdity of the scale well.
Some other comparisons: It’s about a third of all US economic activity
It’s about fifteen times more than the total economic activity around all electronic chips.
It’s five to seven times more money than all the nations’ military spending combined.
Even adjusted for inflation, it’s about 20 to 30 times more money than spent on all the Apollo missions combined.
Adjusted for inflation, it’s about six to nine times the amount spent on the new deal.
This is a stupid amount of money no matter how you account with nothing close to compare.
I agree that getting that amount of money, practically speaking, will be difficult.
If they can get so much money, and can spend it/set it in motion in the economy/not just horde it, then it would be great.
However, I don’t think it is a good idea for one company to have so much money at one point in time.
If I had to pick between two con-men, I’d rather have fucking Elon have that money. At least he isn’t making the biggest energy black hole.
Elon has plenty of money. He could use some tact and grace and radio silence.
Do they even think about where in a functioning society those trillions are coming from? Do they think wealth just magically appears without affecting the wealth gap?
Why would a corporation consider that? I understand capitalism isn’t popular here, but still, the corporation SHOULDN’T be considering such issues, they should only attempt to further their own goals.
It’s the role of government to align corporate goals with reality, or with societal values
A bit late now, but perhaps people–governments, regulators, leaders, the parties who had the freedom from the fields to sit about and draft corporate structures–should have thought about the interplay right in your statement which delivers us our current modern world.
I.e, the below points are in my sincere opinion, fundamentally mutually exclusive:
the corporation SHOULDN’T be considering such issues, they should only attempt to further their own goals
and
It’s the role of government to align corporate goals with reality, or with societal values.
The former empowers the more agile structure of a singular corporation to devote all it can regardless of morality to ensure it controls the latter–Government, regulations, public opinion,“ownership” of natural resources–such as to maximize it’s own goals.
The goal of any single corporation taken to absurdity is often touted as absurd because but is it really?
What mechanisms does a corporation have to not grow until all the world is simply ‘Megacorp Branded’ ruins whose asset holdings trend to infinite on the last running quarterly report spreadsheet within a planet devoid of both investors and consumers?
There are no brakes built into the most common corporate structures by short sighted design, and humans suck at exponentials.
It hasn’t even been fifteen human generations since the advent of the Industrial Revolution bringing the impetus for ever speeding greed.
If the rich were any less short sighted than the poor and money granted the wisdom they think it does, they would be pushing for corporate reform that doesn’t risk a period of “blink and both our profits and the world are gone”.
That selfish-altruism isn’t common sense even as they all clamor for anti-aging just shows cash doesn’t provide wisdom, only opportunity to get your head out of your ass and insulation from consequence until it’s too late otherwise.
Thats the reality. Government should be acting as the counterbalance. Unfortunately while the goverment remains dysfunctional, corps are getting to do whatever they want. Its bad because once its done, its very hard to unroll it without affecting innocent people.
Very true. I’m specifically discussing the content “do they even think about”. No!
I’m not sure but these kinds of wasteful spendings are just “imaginary money” that sits around in virtual bank accounts being hoarded and doing nothing but when it’s wasted like this actually gets spend for salaries etc. Basically all this money is generated in computers and an “inefficiency” until it’s being used.
It’s much worse when they buy up tons of real estate or apartments or buy up existing corporations to make them more “profitable”.
Ah yes, open “ai”…where we parse as many webaites as possible, rank them internally by keyword usage and or views, then have our “bot” spew that shit at you
