Attention is All You Need

From the beginning, we have believed that building powerful AI models is only part of the work. OpenAI's announcement of The Deployment Company led with this quote. The vehicle raised $4B from 19 backers led by TPG, with Capgemini and McKinsey investing alongside the PE syndicate. Anthropic had announced an adjacent structure a week earlier, a $1.5B war chest with Goldman Sachs and Blackstone aimed at accelerating enterprise adoption. The comments on X this week have been interesting. There is widespread confusion about why OpenAI is paying 17.5% to PE for access, and why the labs would give equity to...