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  “You should expect OpenAI to spend trillions of dollars on data center construction in the not very distant future,” he told the room, according to a Verge reporter.

  “We have better models, and we just can’t offer them, because we don’t have the capacity,” he said. GPUs remain in short supply, limiting the company’s ability to scale.

So why would Altman say AI is in a bubble but OpenAI wants to invest trillions? Here's my speculation:

1. OpenAI is a private company. They don't care about their own stock price.

2. OpenAI just raised $8.3b 3 weeks ago on $300b valuation ($500b valuation today). He doesn't care if the market drops until he needs to raise again.

3. OpenAI wants to buy some AI companies but they're too expensive so he's incentivized to knock the price of those companies down. For example, OpenAI's $3b deal for Windsurf fell apart when Google stepped in and hired away the co-founder.

4. He wants to retain OpenAI's talent because Meta is spending billions hiring away the top AI talent, including talent from OpenAI. By saying it's in a bubble and dropping public sentiment, the war for AI talent could cool down.

5. He wants other companies to get scared and not invest as much while OpenAI continues to invest a lot so it can stay ahead. For example, maybe investors looking to invest in Anthropic, xAI, and other private companies are more shaky after his comments and invest less. This benefits OpenAI since they just raised.

6. You should all know that Sam Altman is manipulative. This is how he operates. Just google "Sam Altman manipulative" and you'll see plenty of examples where former employees said he lies and manipulates.