OpenAI is the most well-capitalized startup in history, and simultaneously in the center of the most hated cycle in tech (AI) since the mechanized loom.
Isn't the arbitrage these guys ran using their VC connections pretty obvious? TBPN is one of the few professionalized-with-a-team media outlets that offers a positive view of AI vs. the doomer stance of all other media (by a factor of like 100 to 1).
Total audience size is irrelevant if a good percentage of the people in that audience are tech influencers/billionaires, regardless of how niche and mainstream-irrelevant outside of X that TBPN is.
Media properties, like sports teams, are different than other businesses. To the people who own them, influence can be far more important than cashflows. Hence why a surprisingly large percentage of 19th century newspapers in many countries are still under the control of the families who founded them (just look at the NY Times).
While acquiring a youtube channel with 50K subs for hundreds of millions is definitely dotcom bubble-esque nonsense and will be viewed as such looking back, it makes total sense to me why its happening.
Isn't the arbitrage these guys ran using their VC connections pretty obvious? TBPN is one of the few professionalized-with-a-team media outlets that offers a positive view of AI vs. the doomer stance of all other media (by a factor of like 100 to 1).
Total audience size is irrelevant if a good percentage of the people in that audience are tech influencers/billionaires, regardless of how niche and mainstream-irrelevant outside of X that TBPN is.
Media properties, like sports teams, are different than other businesses. To the people who own them, influence can be far more important than cashflows. Hence why a surprisingly large percentage of 19th century newspapers in many countries are still under the control of the families who founded them (just look at the NY Times).
While acquiring a youtube channel with 50K subs for hundreds of millions is definitely dotcom bubble-esque nonsense and will be viewed as such looking back, it makes total sense to me why its happening.