OpenAI is reportedly trying to raise $100B at an $830B valuation

This is peak bubble told in one number. $100B to burn on compute infrastructure with a zero-margin business model. They're not profitable. Inference costs are rising. Someone cracks efficient inference in 18 months and the entire valuation evaporates.

Sovereign wealth funds are desperate for yield. That's literally the only reason this round happens.

Honestly? Smart money's on whoever solves inference efficiency, not whoever raises the biggest fund. OpenAI's bet on scale—everyone else is betting on efficiency.