The fact that unverified leaks from private companies move billions on the stock market is such a strong argument for regulating any private company worth more than $10b similarly to public ones: mandatory disclosures, published audited financials, etc. So much opportunity for fraud here otherwise.
Reports that OpenAI’s annualized revenue is closer to $50B than the previously reported $70B caused a chip stock selloff yesterday. A lot of companies have valuations that depend on OpenAI finding a money tree in the next year or two. Otherwise…pop. 🫧
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