RE: https://toot.cafe/@baldur/116330293486023818

“asset-backed securities”

WHAT ASSETS?

OpenAI’s value is speculation of what their software is worth. they don't have billions in manufacturing plants or machines. they don't even have billions in data centers.

if the assets are from companies with valuations based on promisory notes that speculate how much money they could make in a fairy tale future, 2008 is going to look like rookie mistakes.

the AI bubble is built on ABS & CMBS bundling and tranching money that never existed.