Milk Road AI OpenAI’s Revenue Ramp Kills the AI Bubble Narrative w/ Duncan & Patrick
Jan 23, 2026
A deep dive into OpenAI’s compute-to-revenue ramp and why soaring spending now looks like infrastructure, not a bubble. They debate where massive capital will come from and how global data centers will shape training versus inference. Geopolitics and chip export risks get scrutinized. Predictions on AGI timelines, new consumer AI devices, and who stands to benefit as AI scales round out the conversation.
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Sovereign Funds Power The Next Round
- OpenAI is seeking sovereign wealth funding for a huge next round, signaling private Western capital may be tapped out.
- The Middle East focus shows shifting investor sources for mega AI rounds.
Long-Term Bets To Secure Future Compute
- The trillion-dollar spending commitment is a long-term bet to secure power and compute for future model generations.
- Labs expect model improvements to drive demand that justifies massive infrastructure investments.
Enterprise Penetration Still Low
- Labs see a huge addressable market as models improve and enterprise penetration remains low.
- Even if revenue multiples slow, demand for compute could still outpace many bulls' estimates.