sam altman raised $122b and nobody wants to buy $600m of it

$600m in openai shares sitting on the secondary with no bids
> banks waiving fees just to move supply
> sellers competing on price to get out
primary markets are controlled allocation: VCs get called into rounds when the cap table looks clean
but secondary markets run on voluntary demand: no one has to hold and no one has to bid
anthropic surpassed its last round valuation while openai can't clear a $600m ceiling... this tells you which company people care about
the telephone was worse than the telegraph on Day 1 with shorter range, lower quality, and it couldn't scale
but it got a foothold, and the foothold was enough.
openai won the pitch, but it's losing in secondary markets
sam can't buy conviction with a fee waiver