Not Investment Advice 234: Nvidia’s $100B OpenAI Deal, Meta Ray-Ban Display & Oura’s $10B Valuation
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Sep 24, 2025 The hosts dive into Nvidia's jaw-dropping $100B deal with OpenAI, dissecting its strategic implications for the chip market and AI demand. They explore the intriguing potential of Meta's Ray-Ban display glasses, weighing the pros and cons of augmented reality while debating real-world applications. The conversation then shifts to Oura's impressive $10B valuation, discussing how its unique blend of hardware and subscription services helps transform user lifestyles and health insights, all while highlighting the perils of data obsession.
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Nvidia's Strategic $100B Play
- Nvidia's $100B commitment to OpenAI is largely strategic, securing future demand for its GPUs.
- Much of the headline funding is staged and conditional, not an immediate $100B cash transfer.
Narrative Moves Markets
- The market values stories as much as cash flows, so headline deals inflate sentiment and market cap.
- Jensen's narrative that inference demand dwarfs training drives Nvidia's valuation and investor excitement.
Build Verticals On Top Of Horizontal AI
- Build vertical products on top of general AI: pick a user task and specialize the interface.
- Verticalized AI products can outcompete horizontal models by tailoring workflows and UX.