OpenAI's restructuring created one of the largest nonprofits in the world, which is a bigger deal than Microsoft's equity stake.

3:08what's pretty unique about OpenAI is the fact that as part of OpenAI's process of restructuring, one of the largest nonprofit gets created. I mean, let's not forget that, you know, in some sense I say at Microsoft, like I, you know, we are very proud of the fact that we were, we're associated with the two of the largest nonprofits, the Gates Foundation and now the OpenAI Foundation. So,

3:31that's I think the big news. Uh, we obviously were, you know, are thrilled. It's not what we thought. And as I said to somebody, it's not like when we first invested our billion dollars that, oh, this is going to be the 100 bagger that I'm going to be talking about to VCs about, but here we are. But we are very thrilled to be an investor and an early

3:50backer. Um and and it's a great and it's a really a testament to what Sam and team have done quite frankly. I mean they obviously had the vision early about what this technology could do and they ran with it and just executed you know in a masterful way. >> Yeah. I think this has really been an amazing partnership through every phase. Uh we had kind of no idea where it was

4:11all going to go when we started as Satia said. Uh but I I don't think I think this is one of the great tech partnerships uh ever and without certainly without Microsoft and particularly Sant's early conviction uh we would not have been able to do this. I don't think there were a lot of other people that would have uh been willing to take that kind of a bet given what

4:29the world looked like at the time. Um we didn't know exactly how the tech was going to go. Well, not exactly. We didn't know at all how the tech was going to go. We just had a lot of conviction in this this one idea of pushing on on deep learning and trusting that if we could do that, we'd figure out ways to make wonderful products and create a lot of value and also, as Satia

4:47said, create what we believe will be the largest nonprofit ever. And I think it's going to do amazingly great things. It it was I I really like the structure because it lets the nonprofit grow in value while the PBC is able to get the capital that it needs to keep scaling. I don't think the nonprofit would be able to be this valuable if we didn't come up

5:07with the structure and if we didn't have partners around the table that were excited for it to work this way. But, you know, I think it's been six more than six years since we first started this partnership and uh a pretty crazy amount of achievement for six years and I think much much more to come. I hope that Sasha makes a trillion dollars on the investment, not hundred billion, you