OpenAI’s IPO Plan, Deconstructing The AI Bet, Apple’s iPhone 17 Revival

M.G. Siegler of Spyglass is back for our monthly tech news discussion. Today we dig into OpenAI’s newly cleared path to an IPO, what trillion-scale capex vs. current revenue implies, and how Microsoft’s 27% stake, IP rights, and fresh AWS entanglements complicate the story. We debate whether the market can stomach years of heavy losses, why “AGI or bust” creates systemic risk, and what happens if model gains plateau, compute economics flip, or fast followers erase any AGI edge. Finally, we look at Apple’s iPhone 17 resurgence—why it’s hitting now and whether it’s enough without a breakthrough assistant. Tune in for a clear walkthrough of tech’s biggest news with one of the industry’s sharpest analysts. 00:00:00 - Introduction 00:01:04 - OpenAI's IPO Potential 00:02:54 - OpenAI's Market Impact 00:05:21 - OpenAI's Revenue and Valuation 00:08:57 - OpenAI's Market Risks 00:15:10 - Public Scrutiny and OpenAI's Financial Transparency 00:16:17 - The Importance of Growth and Financial Transparency 00:17:12 - The Risks of Public Financial Disclosure 00:19:06 - OpenAI's Potential Market Impact 00:19:19 - The Role of Microsoft in OpenAI's IPO 00:22:57 - OpenAI's Potential as a Tech Giant 00:24:09 - The Role of OpenAI's Device in Its IPO 00:29:56 - Risks and Vulnerabilities in OpenAI's Narrative 00:30:30 - Discussion on OpenAI's Risk 00:31:40 - OpenAI's Impact on the Market 00:33:59 - Potential Risks and Challenges for OpenAI 00:41:47 - OpenAI's Deal with Amazon 00:43:52 - Apple's Revival and Its Implication 00:46:53 - The Success of iPhone 17 00:50:43 - The Future of AI in Devices