OpenAI just spun out a new entity called "OpenAI Deployment Company", a $4B push to help PE firms deploy AI in their portcos. @jason has seen this movie before. Companies in the dot com era did something similar… Barnes & Noble dot com, Toys R Us dot com… Brick-and-mortar companies in the late 90’s spun out divisions to chase dot-com valuations, confused the market, and eventually had to fold them back into the mothership. So is history repeating itself, or what’s going on here?