I didn’t think I’d live to see a time when a company would “burn” $100 billion. What wild times we’re living in. Wildddd.

OpenAI in particular should beware hubris. One vc says discussion of cash burn is taboo at the firm, even though leaked figures suggest it will incinerate more than $115bn by 2030. Sam Altman, its boss, said recently that one reason he wants to take OpenAI public is to watch its doubters sell it short. “I would love to see them get burned on that,” he said. Plenty of investors seem prepared to take the bet: both the public equity and debt markets have punished companies with significant exposure to his firm. ■