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00:00They are proposals. They're not formal proposals. But what I'm trying to understand with this,
00:05Chris, if we get the idea, is how everyday people would participate in it. Who enacts it? Open AI
00:11or government? But you're talking about people whose lives are impacted themselves by AI
00:18participating in it. Explain it. Yeah, that's exactly right. Let me take a step back. And
00:23Caroline, thanks for having me. So first and foremost, what this document really reflects
00:28is the work and thinking of open AI researchers, the folks who are really building and innovating
00:34this AI technology. And I think they understand and recognize that this is technology that's
00:40on par with historic general purpose technologies of the past, the wheel, the printing press,
00:46the combustion engine, electricity. Each of those ultimately drove the human condition forward by
00:53driving economic progress. But every time one of these technologies came along, there was obviously
00:58challenges that came with it. And so what this document really is attempting to do is to put
01:03out some concepts and ideas that are really as transformative as the actual underlying technology.
01:10And so it's divided into two sections. One section really deals with an open economy, which is what
01:14you are talking about. How can we make sure AI is free, fair, safe? How can people participate
01:19as much as possible? And the sovereign wealth fund idea is something that we really took from what we had
01:26seen in Alaska with the Alaska Permanent Fund, where the entire population of Alaska gets to participate
01:32in the economics of the fossil fuel extraction in Alaska. But ultimately, there's a whole range of
01:38ideas. One of the, I think, at the core of all of this, though, particularly in the economic opportunity
01:43piece, is the understanding that AI needs to be understood as a right that everyone in this country,
01:50everyone in the world has at least the opportunity to be able to participate in. And that's really what's
01:55fundamental to this. I mean, Chris, a public or sovereign wealth fund is a very specific proposal.
02:02Have you discussed that idea with anyone within the administration? Who within the administration
02:08have you discussed that with? Yeah, I'm not going to get into specific names, which may be a shock to
02:13you. But we have certainly had those conversations with folks both in the administration. You obviously
02:19have the Trump accounts, you know, which is a version of some kind of a fund. I think in the
02:25last
02:25two or three weeks, I've probably met with a dozen, two dozen, actually, as I think about it,
02:31members of the United States Senate, where we've been talking about these types of concepts.
02:35And I think what's really going on right now is that there is a growing awareness from policymakers,
02:41particularly in Washington, D.C., of just how fast this technology is accelerating the scale that
02:49is going to be impacting all of us and an interest and desire to really uplevel the nature of the
02:56policy
02:56conversations. You know, to date, the conversations have really been almost binary. On one hand, there is
03:02an approach, keep your hands off. Don't worry, everything's going to be great. On the other
03:07possible extreme, there is the Doomer view, which is that this is technology that's so powerful,
03:12only a small number of people should control it. We're really trying to put out a different approach.
03:17And this approach is based on actually offering solutions that are going to meet the technology,
03:22where the technology is, but doing it in a way that's inherently small d democratic,
03:27working through the democratic process to actually identify the ideas that will allow this technology
03:32to benefit as many people as possible. And that's really what we're trying to put out here today.
03:38And this is a conversation starter, as you were alluding to. We don't pretend to have all the answers.
03:43Certainly, people have smarter ideas, people will pressure test these. But we do think we need to
03:48open up that proverbial Overton window, so that we begin having these conversations now, so that we
03:54can identify the solutions. Chris, the now is interesting. Yeah. Was the now prompted by this
04:01growing awareness that this isn't very popular with the general public right now? Or is it a now because
04:07you've got something coming, the models are updating, an IPO is on the verge, and therefore you need to
04:13get ahead of the policy perspective too? It's really the latter and not the former.
04:19I mean, certainly when you talk about and you look at the underlying data, those who use AI tend to
04:24have
04:25a pretty positive to very positive perspective on it. And, you know, we're nearing a billion folks who
04:31are using this on a regular basis. So it's more and more people use AI, obviously perceptions of it,
04:36understand how it's going to impact education, health care, their daily lives grows. But this is
04:41really at the core. And again, this came from our researchers who are really understanding where this
04:46technology is going, and how quickly it's moving in that direction, that we do need to begin to
04:52identify those ideas, those solutions, those concepts that are going to meet the technology where it is.
04:58I've said this, but this technology is transformative. We're going to need policy ideas
05:02that are equally transformative. And if I could, I mean, maybe an analogy here is the New Deal.
05:07And I don't mean the New Deal in a sense that we believe that there's big government solutions for
05:11this. But what the New Deal ultimately recognized was that as technology drove industrialization,
05:18there really needed to be a calibration or perhaps a recalibration between the allocation of capital
05:24and labor to make sure that the social contract was really in balance.
05:28And you want labor to have more of a voice. I'm sorry.
05:32You want labor to have more of a voice, Chris. And what's interesting is others are speaking to this
05:36too. Jamie Dimon putting out his letter to shareholders today, also talking about his view
05:42that this is moving quickly, it could eliminate some jobs. And his firm has got definitive plans on
05:47how we can support and redeploy our affected workforce. How is other business going to play a role,
05:52Chris? And also, what are the governments doing? You look at this from a global perspective,
05:57where is doing this right versus the US? It's a great question. And I think you can see
06:03interesting pockets around the world. You know, when I travel to Asia, Japan, or Korea, you see a real
06:10focus on driving up AI literacy, raising the amount of people in those countries who actually understand how
06:18to use AI. I think Japan has a goal of 80% of its country are graduating students literate by
06:242030. You go to places like Estonia, which has always been a digital forward country,
06:29they're building AI into their actual government infrastructure. At Greece, we've spent a lot of
06:35time with the prime minister of Greece and his government. He's in the process of building AI into
06:39their public education system. And so you're seeing pockets of this. But again, I think part of
06:46what's behind this release of this particular document is our belief that we really do need
06:52to scale up the kinds of conversations that are taking place so that we're actually able to meet this
06:58technology where it is and more over where it's going. Chris, there's been some reporting from the
07:03information that your CFO Sarah Fryer has some concerns about the spending plan over the next few
07:09years. And the reality of a timeline to IPO this year, in disagreement with Sam Altman, your CEO, the
07:16report also details that Sarah Fryer was excluded from some finance or investor meetings as a result of
07:24that disagreement. What can you tell us, please? So first of all, I'm actually blessed and privileged to work with
07:29an
07:29incredible team, not just in terms of the talent, but how well everyone really works together.
07:36You know, perhaps the greatest validation of both the team, our researchers, and really our overall
07:42strategy is that last week, as you all covered, right, we announced the single largest raise in
07:48history, $122 billion. And at the core of that, I think was the validation of our focused or really
07:56laser-focused strategy, which is on compute. Compute is really Sam's insight. He deserves
08:02enormous credit for this. He was there long before anyone else. That it is the most finite and most
08:07precious resource when it comes to the intelligence age. And we have focused a lot of our work on making
08:13sure that we have access to that compute. That compute drives a flywheel, right? For every quantum of
08:19compute we get, we effectively get a 3x in revenue. And it works the following way. Compute drives innovation,
08:25what our researchers do. That then leads to more tools. Those tools lead to more users, right?
08:30We were the first to 10 million, first to 100 million approaches.
08:38I think we've lost Chris there. Chris, you're fine. Your Zoom froze for a moment there,
08:44but I'm going to go back to my question. Sarah Fryer was or was not excluded from meetings because of
08:50a
08:50disagreement on strategy with Sam Altman. We just raised $122 billion and Sarah Fryer was at the
08:57center of all of those meetings, pulling all of those conversations together. It's awesome to see
09:02the teamwork that exists between her, Sam, Fiji, our head of applications. And as I said, I get to work
09:10with a dream team in terms of talent and how well everyone works together. And again, $122 billion,
09:17it's not the amount of money, although that is a large amount of money. It is the fact that you've
09:22had probably one of the most impressive cap tables in the world. Take a look at our business strategy,
09:27take a look at our leadership, take a look at our researchers. It really give us a huge vote of
09:31confidence. I mean, think about where we are from a revenue perspective. In 2024, I'm doing this off the
09:36top of my head. I think we had a billion dollars in revenue a quarter. We're now doing $2 billion
09:40in revenue
09:41a month. I mean, you just haven't seen growth numbers like that historically.
09:45Let's talk about the talent because it's got bigger and there has been reshuffling and our
09:50thoughts go to those with health issues, particularly Fiji as she takes a step back, Chris. But
09:55TBPN, that's coming under your leadership. Yeah. Why?
09:59I'm so excited for this, Caroline. I am so excited for this. I'm excited for it for two reasons.
10:05On one hand, these guys, Jordy and John and their whole team, do as good a job as anyone
10:12out there in unpacking the why and the how behind technology and explicitly AI. I think
10:20folks come on to other media outlets. I mean, you guys do an incredible job of breaking news and
10:25scooping news. What these guys do is really break down ideas and scoop out what's behind those ideas.
10:31And at a time, and this even relates to the beginning of this conversation on the document
10:35that we put out today, at a time when we really need to be scaling how the world understands AI,
10:40these folks do one of the best jobs out there. We want to give them the resources so that their
10:45audience grows. And the second point here is that I'm able to bring in-house really, in my view,
10:52what is the leading agency when it comes to being content forward and digital first.
10:59You know, a lot of analogies have been used. I mean, Bloomberg is obviously owned by a financial
11:04services company and then has a media entity in terms of, you know, analogies out there. I think
11:09there's actually a different analogy here that's a little bit more applicable. And that is, you think
11:13about Apple under Steve Jobs in the 1980s and early 90s. They actually brought in Shiat Day, which had been
11:20their outside marketing agency, and created something called the Apple Media Lab. And it really became a
11:26model for how to build in-house marketing in an age when a lot of that marketing was done through
11:33what we would now call traditional advertising. We're at a different age today. Digital is at the
11:38center of the conversation. And I see this as an analogous to that, but for the digital age, we're
11:44bringing in really, I think, the best agency in the world to help us do the best job we possibly
11:49can
11:49do as we continue to grow in terms of how we market and communicate. So I'm totally pumped for this.
11:55I'm really excited.
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