00:00You and the team reporting that Bank of America now extending a credit line to OpenAI, something that they hadn't
00:05done before. Why did this change in Hartley, Anna?
00:08So we've been tracking this. In 2024, OpenAI revealed this credit facility, and all of Bank of America's competitors were
00:15on there for a $4 billion credit facility, and we just didn't see Bank of America.
00:19So a few years later, they kind of did a 180, and they decided, okay, this is a no-brainer.
00:25We need to back OpenAI's credit, because that will ensure a spot on the IPO.
00:30When will OpenAI's IPO happen? It's unclear. Could be this year, could be next year, but it's something that Bank
00:36of America can't miss out on.
00:37Remember, they have a huge wealth business, tons of clients that would be clamoring for this.
00:42I think the SpaceX IPO was a good example of just these once-in-a-lifetime IPOs. It's hard to
00:47get a piece of.
00:48So this will just help Bank of America get a better spot when OpenAI should go public. And remember, they
00:53have filed confidentially already.
00:55All right, and we'll see when that actually happens. But that is a problem, right, Liana?
00:58Like, yes, Bank of America extends this line, but OpenAI, the reporting does suggest that it seems like they're on
01:04a delayed timeline.
01:05They are, and they're, you know, not profitable, and that was one of the reasons that Bank of America needed
01:10more time to do due diligence before deciding to sort of jump into this credit facility.
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