Fox Host Warns the ‘Damage Is Done’ After OpenAI Suggested Government Backing
Fox Business host Charles Payne discussed OpenAI’s CFO reportedly saying this week that the company would like a “government backstop” and argued that the “damage is done” despite the company trying to walk back that statement. Fears of an AI bubble have plagued Wall Street for months as stocks have reached record highs, despite AI revenue lagging far behind soaring stock prices.
Payne noted that recent developments are “scaring a whole lot of folks who lived through the tech bubble.”
“Off-balance? Off-balance sheet? So a couple of weeks ago, Jensen Huang, he entered into talks with OpenAI. He guaranteed loans so he could get—they would buy his chips—because they were thinking about buying Google’s chips. Then Jensen said yesterday that China’s going to win the AI race, in part because China subsidizes their businesses, right? Think about that for a moment. So all of a sudden, yesterday, we also hear from—CFO at least, the story goes—that OpenAI suggests that they want, or should have, a government backstop,” he said, adding:
I will say today OpenAI has walked back those claims, but let’s face it, the damage is done. Look at the pressure in the market now. Some read these headlines as imminent implosion of AI, but it’s clear that Jensen, Altman, and the rest, they just want their cake and to eat it too. I’ve said this whole thing is akin—this AI race is akin to a nuclear arms race—and we must, we must beat China.
On that note, though, if taxpayers are going to bear any loss, then they certainly should bear and share in any potential profits. Now, regardless of how this shakes out, the AI trade, in my opinion, is still in its early stages. Massive upside development for deployment of AI compute and the buildout—it’s still beginning, folks. My next guest also has been a huge believer in AI. In fact, he’s made a lot of folks a lot of money in this. I want to just see if he’s taking some off the table.
Watch the clip above via Fox Business.
