Good Morning. The world's most valuable AI company missed its own targets while owing $600 billion. We break down OpenAI's IPO crunch.
We also include Taylor Swift's AI defense, Purdue Pharma's dissolution, and Jesse Itzler's father's final lesson (forwarded this email? Join 523k readers).
TOP STORY TODAY
OpenAI Stumbles
OpenAI missed internal targets for weekly users and revenue, raising fresh doubts among leaders about funding aggressive data-center spending ahead of a potential IPO by year-end (WSJ). CFO Sarah Friar warned the company may struggle to cover future computing contracts.
Sam Altman has committed roughly $600 billion in future spending to lock up computing capacity, a strategy backed by the board when ChatGPT growth looked unstoppable. That growth slowed late last year, prompting board directors to scrutinize the deals.
The Nasdaq fell more than 1% Tuesday following the news, with Nvidia, Oracle, and SoftBank dropping sharply. SoftBank, which has committed over $60 billion to OpenAI, slid 9.9% in Tokyo. OpenAI denied any internal rift.
Iran's Oil Squeeze
Iran is repurposing derelict tanks, improvised containers, and rail shipments to China to stash unsold crude after a US naval blockade halted exports from its ports on April 13. Talks to end the war collapsed last week.
Tanker loadings have plunged from 2.1 million barrels daily in early April to roughly 567,000 between April 14 and April 23. Production could be cut by more than half by mid-May, falling to 1.2-1.3 million barrels daily.
Tehran has offered regional mediators a deal to halt Strait of Hormuz attacks in exchange for ending the blockade. Tightened supply has lifted global oil prices and squeezed jet fuel availability.
Taylor Swift’s Trademark
Taylor Swift filed three trademark applications with the US Patent and Trademark Office on April 24, seemingly aimed at protecting her identity from AI misuse. Two cover her voice ("Hey, it's Taylor Swift" and "Hey, it's Taylor"), and one covers a visual likeness.
The strategy mirrors a playbook used by Matthew McConaughey, who secured eight trademarks in 2025 including a sound mark for his "Alright, alright, alright" line. Trademarks historically don't protect general likeness, but lawyers see them as added leverage against deepfakes.
Swift's likeness has surfaced in pornographic deepfakes, Meta chatbot impersonations, and fabricated political endorsement images. Her filings signal a growing trend of celebrities turning to IP law as guardrails for state-level publicity rights remain inconsistent. Does this hurt free speech?
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TODAY’S LIFE ADVICE
The Spiritual Billionaire's Cheat Code
Most entrepreneurs chase the financial side. Jesse Itzler's father chased the spiritual side, and left behind something worth more than any exit.
What he passed down:
A billion times zero spirit still equals zero.
Anyone can care the most. Most don't.
Inexperience is your unfair advantage.
The only thing you leave is your story.
When the estate sale ended, one book in a hidden safe held the final lesson.
What was inside? Watch the full talk.
Don’t Extinguish Bad Habits, Replace Them
Charles Duhigg, author of 'The Power of Habit' (10+ million copies sold), discusses the science of habit formation with the host of My First Million, who credits Duhigg's work with changing his life by helping him overcome alcohol dependency and lose weight. They explore the habit loop framework, keystone habits, building organizational systems, and Duhigg's latest work on communication from 'Supercommunicators.'
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