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Comment by rsalus

11 hours ago

they've borrowed so much they're directly competing with national governments in capital markets.

OpenAI has hardly borrowed anything. They have a $4B revolving credit line but have hardly touched it. They haven't issued any bonds.

Investment isn't debt.

  • The rates environment directly dictates what capital is available to OpenAI and at what terms. When potential investors can get x% virtually guaranteed, then they are less willing to give cash for equity to OpenAI.