TBPN Diet TBPN: November 6, 2025
37 snips
Nov 7, 2025 The hosts dive into OpenAI's CFO suggesting federal guarantees for chip financing. They discuss Sam Altman's stance on government roles in AI and debate whether the U.S. should socialize AI infrastructure costs. There's a compelling analysis of risks associated with pre-announced government backstops, reflecting on past interventions like the Tesla loan. Market volatility and public sentiment against AI bailouts are examined, alongside NVIDIA's concerns about China winning the AI race. The episode wraps up with insights on energy priorities for future AI growth.
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Chips Need New Financing Models
- OpenAI executives framed chip financing as a national-industrial problem needing public-private solutions.
- Sarah Fryer suggested federal backstops could lower financing costs and increase loan-to-value for chips.
Avoid Making Government First Responder
- Sam Altman warned the government will likely act as 'insurer of last resort' for major tech crises and urged caution.
- He advised avoiding turning that role into the insurer of first resort to prevent moral hazard.
Trillions Create A De Facto Backstop
- The hosts argue a de facto backstop already exists when trillions are at stake, creating moral hazard.
- They note the U.S. has a historical playbook (e.g., 2008 response) that can calm crises without direct bailouts.