Bloomberg reported OpenAI, which will soon enter the pornography market, wants CHIPS act subsidies (tax credits) to be expanded to AI data centers.
....35% chips-focused tax credit to AI data centers, AI server producers and electrical grid components, such as transformers and the specialized steel used to produce them.
It seems TechGods want more subsidy from Uncle Sam (35%) than they are willing to pay in local taxes (generally 10 to 20% under 80-90% tax abatement).
OpenAI scrambled to not look like a SNAP recipient or an Obamacare insured given what their CFO said. CNN reported:
OpenAI’s Chief Financial Officer Sarah Friar raised eyebrows on Wednesday when she suggested that the US government should “backstop” the company’s aggressive investments in artificial intelligence infrastructure.“The backstop, the guarantee, that allows the financing to happen, that can really drop the cost of the financing but also increase the loan-to-value, so the amount of debt that you can take on top of an equity portion,” she said at a Wall Street Journal event.
TechGods need for an "all of government" subsidy. Fannie Mae and Freddie Mac, with their huge capital pools, may soon be equity holders in tech firms. FHFA Chief Bill Pulte is on it.
They even got the First Lady to equate TechGods, immigrants in many cases, with the greater good.
Melania's America is a club, the same one colonial powers used to beat "savage" locals into submission, the exclusive one the aristocracy created in their gilded ballrooms/dining halls and today the baton being used to demean the formerly middle class struggling day to day to survive.
Politicians Red & Blue love PEU and their new TechGod/CryptoBro brethren. Increasingly, more are one.
Update 11-17-25: Tony Deden wrote:
This essay was born out of revulsion to an accidental summer reading that paraded progress as virtue and private equity as its high priest. Every paragraph spoke the same pious language of “sustainable improvement,” “societal benefit,” and “long-term value creation,” as though leverage, asset-stripping, and balance-sheet cosmetics had become moral acts. I found myself revolted not merely by the hypocrisy, but by the vacuousness of it. In our hyper-financialized society, we have come to mistake valuation for value, and activity for achievement. The word ‘progress’ has been exploited to justify anything that moves—no matter what it destroys. What follows is an act of refusal to bow to the idea that more money is progress. If this essay has a motive, it is contempt for the trivial slogans that pass as thought, and for the hollow theory that confuses financial §engineering with human improvement.The First Lady would be wise to read his piece.
