It hasn't been like that for quite some time. The corpse is sold off to mutual funds and pension plans

Does that seem like what’s happening here?

Maybe? They want to grow the company, and they've run out of VC and circular financing money. Are they going to use the capital raised to make actual profits? That's the question.

If they’re on the path to AGI, there’s probably a predictable cost structure to get us to the point where these models are self-reinforcing and we get fast takeoff. This is the dumbest they’ll ever be remember.