Hi, this is Wayne again with a topic “Don’t Be Sam Altman”.
Uh we can talk about. We can talk about Sam ultman having some conflicted interests. This is a pretty short one for what I flagged as a main topic. Maybe it’s not a main topic.
Uh newly reported documents have revealed that in 2019, open aai signed a letter of intent to purchase $ 51 million of chips developed by startup rain once they became available. However, in disclosures to investors this year, rain told investors that openai CEO, Sam ultman was invested in the company to the tune of a million dollar. Further rain claimed that it might have its risk five based chips ready to deploy as soon as October next year. The agreement to be clear was non-binding uh. So, what’s like a letter of intent, I guess it would have been um and an open, ey spokesperson claims that they have not proceeded with the next steps of the agreement, though they are open to Future discussions with rain, and the discussion question here is: how should Business Leaders deal with Investments within their area of expertise that are likely to conflict with their duties. Boy howdy.
Would I like to introduce you to the construction industry, oh yeah or honestly, a massive amount of other Industries. This is actually extremely common. If I remember correctly, uh I’ve been told this.
I have not researched this. I have no idea if this is true. I’Ve been told that the hotels on the strip in Las Vegas are often not profitable, but the supporting companies are and the supporting companies are owned by the same people, and it’s done that way for like tax reasons and stuff. So, like the companies that Supply the soap for the rooms, the companies that uh, I don’t know, sell the lamps to the rooms whatever that’s why a company like Asus has um has Regional Offices is my understanding. I could be wrong about this disclaimer, I’m not an investor blah blah blah blah blah blah blah, but allegedly this is what I’ve heard. Um, the Regional Offices operate at at as close to0 net profit as possible so that all the profit essentially gets funneled back to HQ um, and this is done for for tax purposes so that they’re they’re not actually making money in uh in other regions.
So um, that’s why sometimes they can end up kind of stuck because they, rather than just being like a shipping hub right like a logistic Center, they are actually a separate company and they buy their inventory from HQ rather than inventory, rather than HQ just allocating their Worldwide inventories to all their various regions, and that’s one of the reasons that you will get wildly different support from one region to another, because they will all have their own operating margins and they will all have their own sensitivity to the cost of dealing with things. For customers and these costs can be very high. I mean we talked earlier on the show about how even at a low price price of $ 25 per person who bought a backpack right, so we’re essentially saying: okay, here’s a retroactive 10 %. You sorry about that! Um at 40,000 units, which isn’t that much for a company the size of Someone Like You, know an Intel or an Asus or you whoever that’s a million dollars 40,000 units times 25 bucks.
That’S a million dollars! It’S amazing how quickly these numbers can add up um. Here we go all right. I think I did a good job of this uh Colton messaged me um framework laptops for standardized lmg laptops and he basically goes uh.
What are your thoughts? They’D? Probably work for the majority of people who need laptops here. Jamie suggested this. When I was talking to K aboutus ones I go, they still have a couple problems that we outlined in the followup video, including a battery drain issue.
Maybe NV can clarify if he thinks they’re ready for prime time, like I wonder just based on the timing. If this is one of the things that the board might have been misled about, oh yeah, I don’t know cuz like honestly. That seems super skey that four years later we’re finding out even a letter of intent like $ 50 million worth of stuff. I don’t think that’s cool um final email here hold on.
I just need to make sure I can cut off anyone whose email I’m not supposed to show um there. You go so money where my mouth is. This is how I handled it. Yeah, I don’t know all all I’m saying is that this is wildly common and is like how entire Industries work.
Oh yeah, 100 % totally. So if if this feels like a one shot like wow, this is so correct thing: um, that’s just cuz! You see it. I don’t know, I don’t know man, I I feel like there have been so many opportunities for you and me and you and you no, no sorry uh for you and me and us to have profited so much from our positions. If we were willing to be skey, yeah, remember lonus coin yeah drop coin yeah.
That was the one. It only goes down: hey uh, freaking crypto’s been rallying lately. Maybe it’s time to do drop coin. We be the one coin that doesn’t go up um. Actually, I Haven – I haven’t looked at it in the last little bit: oh yeah! No, no! It’S uh! It’S very! It’S very much.
Looking like it’s going to like do the do the thing again so how’s Dogecoin, I I have no idea uh Doge to I don’t know 10, I’m still four or 0.1 yeah, 10 cents, 10 cents. I have to keep my job, I mean it went. It went up, I don’t get to go to Hawaii with the other scammers.
It’S amazing. It’S amazing how the scale can sort of change your perspective on things. Don’T make me look at that? Oh man, um yeah, I’m to be to be I’m still, I’m still out on crypto guys handle backpack refunds with drop coin; no stop it by the by the time it ends up in your wallet, it’s worth less, I’m still out. I just can’t handle the stress of owning stocks and owning volatile assets like uh, like like Bitcoin and whatever else I it’s too much.
It’S too much. It’S too much intensity man. I can’t handle the emotions, so I just after after the memes um, with uh with GameStop and all that, I’m just I’m out man, I even like I even thought about it.
I was like yeah, probably it’ll, like rally again, because people have incredibly short memories. They’Re like goldfish, so we’re in like a bit of a trough. You know if I was. If I was an investor I might buy some to be clear. I have no idea where it’s going at this point.
I am not giving any kind of advice and I’m out right like I have. I have no horse in this race um, but like yeah, I thought about it, but I was just like okay. So what I could make some money, but the stress the like yeah.
I could also lose all it like: it’s like a you. You have to like live it for it to make any sense y. I think I think a lot of the like casuals are the ones well yeah they’re, the feeders yeah yeah cuz. That’S the thing! That’S the thing about that’s the thing about Bitcoin in particular cuz I was going to. I was going to say you know stocks, but that’s not actually necessarily the case. Everyone can make money, a company actually like makes money and can and can generate value uh, but but Bitcoin every one that someone sells someone has to buy like it’s. It’S that it’s that simple we’re not actually minting in the grand scheme of things that many anymore. So you look at it and you go for every Bitcoin millionaire, there’s a million people who lost a dollar or there’s a 100,000 people who lost $ 10 or whatever or 10,000 people who lost $ 100 or one person that lost a lot or or one person Who lost a million dollars right like it’s? Do you want to know how many I lost? I mean 350 dollars dollars. Bitcoins shut up, I started in 2009.
The hard drive was like you forget about it right right there at the start. You forget about it. Like oh, this thing, you know the guy bought a pizza with like a few thousand Bitcoins right, but I was like eh.
You know go back in what a 2016 when it was like 60 Grand per Bitcoin uh go through like 40 hard drives back all the way through for a decade, and it’s just nothing. So it’s out there it’s out there, but I never really had it. If you know what I mean yeah yeah, I could start a Badminton Center for that kind of money. You half of one. I could go into business against you.
You could start half of a Badminton Center yeah yeah, yeah yeah, just open one across the street. That’S what that was the plan yeah just for like no reason, why would we just we would just partner? We would just partner at that point yeah he could. He could buy the one side and I could do the other side. Oh nice Dan could have the land party side or you’d probably want that it’s going to be covered in UV paint, Land part.
It’S going to take the property value down. Hey! Oh man, oh Lordy, anyway, so yeah, it doesn’t keep me up at night anymore. Mine was stolen if that makes that is so much worse than what happened to me like mine was just I don’t know mine. Your was a lot more but yeah, but I mean it’s just it’s things that I nobody would have predicted it right.
It was fun at the start, but they were worthless. People are going to say they predicted it, but the reality of it is. It really could have gone either way: yeah um, oh yeah, absolutely and back then that was worth like less than a hundredth of a cent yeah right, and so why would I care anyway? That’S my story, goodbye yeah cool .