I break down the logic behind the company’s towering price tag and why I think the most valuable AI companies have yet to be built. When OpenAI raised $6.6B earlier this month—the second-largest private funding round in history, topped only by its own $10B raise from Microsoft last January—it wasn’t just setting records. It was making an argument about where AI will create value and who stands to capture it. Understanding this argument, both its logic and its limitations, sheds light on where I ...