OpenAI is expanding a secondary share sale that lets insiders sell about $10.3 billion of stock at roughly a $500 billion valuation. That raised a simple question: is a private slice of OpenAI better than buying the Nasdaq?
I have an exclusive essay ready for members (arriving in your inboxes tomorrow!) breaking down the math and my assumptions in detail. Become a premium member to receive it in full tomorrow morning.
Ahead of this release, I did a quick live chat with EV readers to share my initial assumptions and answer your questions. We covered:
What helps OpenAI’s case,
What tempers its case,
And Q&A including on compute & energy constraints, competition and regulation.
Although I was skeptical at first, my calculations suggest that there is a path for OpenAI to deliver outsized returns. More in tomorrow's essay!
Azeem
P.S. Keep in mind that none of this is financial advice - only a thought experiment about the future.
