The Information's TITV AI for Wall Street, Gemini IPO Signal, Paramount’s Bet on Warner Bros. Discovery | Sep 12, 2025
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Sep 12, 2025 Jai Das, President and co-founder of Sapphire Ventures, shares insights on the evolving IPO landscape, particularly the Gemini crypto platform's surge. The discussion highlights how AI is shaping corporate decision-making, enhancing productivity in M&A and investments. Das also delves into the declining interest in social media acquisitions, as companies prioritize profitability over growth amidst shifting market dynamics. The implications of Paramount's bold bid for Warner Bros. Discovery are explored, signaling a merger's potential impact on the media landscape.
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Deal Signals Mutual Dependence
- The Microsoft–OpenAI tentative deal signals both firms want to preserve access and funding for advanced AI development.
- OpenAI needs capital to keep spending while Microsoft needs continued model access and cloud demand.
What 'Exclusive Access' Actually Means
- Microsoft has exclusive cloud resell rights for OpenAI models and special reuse rights without per-token fees.
- Those exclusivities and the post-2030 contract terms are central negotiation points for both companies.
AI Money Flowing Into Media
- AI-driven wealth creation (e.g., Oracle's deals) is enabling billionaires to fund risky media M&A.
- Combining studios can strengthen Hollywood position but leaves heavy debt and cable decline risks.