Ross Stokes

SAM ALTMAN IS PULLING OFF THE BIGGEST THEFT IN TECH HISTORY And his $100B Nvidia deal just collapsed because Jensen Huang caught on to his schemes. IT'S OVER FOR OPENAI But he's STILL trying to raise another $100B+ from Amazon, SoftBank, and sovereign wealth funds. The largest private VC round in history. But the numbers make zero sense. Let me break down why (Scam) Altman is the biggest grifter tech has ever seen: Yesterday, the Wall Street Journal reported that Nvidia's $100B investment in OpenAI has completely stalled. The deal announced with tremendous fanfare in September? Dead. Jensen Huang privately told industry associates the agreement was "non-binding and not finalized." It was basically just a a press release designed to pump OpenAI's valuation. Meanwhile, Altman is flying around the world desperately seeking $100B more at an $830B valuation. Amazon is reportedly in talks for up to $50B. SoftBank just completed $41B and is discussing another $30B. The Financial Times called OpenAI an "era-defining money furnace." They're being kind. The actual numbers: OpenAI burned $8B in 2025. They project burning $17B in 2026. $35B in 2027. $47B in 2028. Cumulative cash burn through 2029? $115B. Yet they're valued at 65x revenue. At $13B in 2025 revenue and an $830B valuation, OpenAI trades at a multiple that doesn't exist in conventional SaaS benchmarking. Even in 2021, at the peak of the tech bubble, Snowflake only hit 50-80x. Meanwhile, Altman's promises keep evaporating. In May 2024, he said: "Ads plus AI is uniquely unsettling to me." He called advertising a "last resort." 20 months later: OpenAI announced ads in ChatGPT. The "last resort" arrived right on schedule. And the nonprofit-to-for-profit conversion is even worse... OpenAI started as a nonprofit with a mission to "benefit humanity." Elon Musk donated $38M based on that promise. Now the nonprofit foundation holds just 26% of the for-profit OpenAI Group. Microsoft owns 27%. Employees and investors own 47%. Greg Brockman's own words from the early days: "If we succeed, we believe we'll create orders of magnitude more value than any existing company, in which case all but a fraction is returned to the world." That fraction? It's now the majority going to private investors. Then there's Worldcoin. Altman's OTHER venture scans people's eyeballs in exchange for cryptocurrency. Kenya ordered the company to delete all biometric data after a court ruled they collected it without valid consent. Thailand demanded destruction of 1.2M iris scans. Spain banned operations. Portugal issued a 3 month suspension. Indonesia launched investigations. Hong Kong raided their offices. The pattern: target lower-income communities, offer crypto incentives, collect irreplaceable biometric data. But sure. Let's trust Sam Altman with $830B. Here's the investment reality: OpenAI projects positive cash flow in 2029 or 2030. That's assuming revenue hits $200B annually. They need 70-75% growth every year for five straight years. Only a handful of companies in history have achieved that. Meanwhile, their market share is eroding. Enterprise AI leadership dropped from 50% to 34% as Anthropic and Google gain ground. Anthropic expects to break even in 2028. OpenAI expects $74B in operating losses that same year. The company needs constant fundraising to survive. If markets cool on AI, the entire model collapses. This bait-and-switch scheme is so obvious and yet it succeeds: Promise world-changing technology. Burn through investor capital. Break every promise when the cash gets tight. The nonprofit mission: Gone The "no ads" promise: Gone The safety commitments that got former researchers to resign: Gone The $100B Nvidia deal: Gone What remains is a company valued at $830B that can't turn a profit, led by a CEO who built his fortune elsewhere while preaching about humanity's benefit. That's the oldest con in Silicon Valley. NOT innovation.