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Today’s Menu

• OpenAI Just Closed Its Corporate Transformation Drama

• US-China Trade Deal Unlocks Crypto Rally

Markets

TODAY IN AI

OpenAI Just Closed Its Corporate Transformation Drama

OpenAI completed its controversial transition to a public benefit corporation while simultaneously renegotiating its Microsoft arrangement to address tensions surrounding AGI rights and ownership stakes.

The original nonprofit, rebranded as OpenAI Foundation, now holds $130B of equity and will direct $25B to health research and "AI resilience infrastructure." Microsoft's ownership drops from 32.5% to around 27% in the new entity, though its stake is now worth approximately $135B following recent funding.

An independent expert panel will verify any AGI claims going forward, with Microsoft now retaining tech rights through 2032 even after AGI arrives. Microsoft and OpenAI can now pursue AGI with other partners - while OpenAI is committed to $250B in Azure purchases, it can shop for compute elsewhere.

OpenAI's restructuring journey has been bumpy, but it appears the legal scrutiny is finally complete, creating what the company calls "one of the best-resourced philanthropic organizations ever." The new Microsoft terms should help thaw the frigid relationship between the AI leader and its biggest partner.

When your nonprofit transformation creates a $130B foundation while solving your biggest partnership tension, that's not just restructuring - that's corporate surgery.

TODAY IN CRYPTO

France Proposes National Bitcoin Strategic Reserve

While Europe argues over a digital euro, France just proposed a national Bitcoin Strategic Reserve to acquire 2% of Bitcoin's total supply - around 420,000 BTC - over seven to eight years.

The bill from Éric Ciotti and the Union of the Right and Centre party would manage the reserve through a Public Administrative Establishment, similar to France's gold and foreign currency holdings. Funding would come from surplus nuclear and hydroelectric energy turned into public Bitcoin mining.

The proposal urges France to ban the digital euro and instead promote euro stablecoins and crypto investment, aligning with the U.S. GENIUS Act. Additional provisions include redirecting a quarter of national savings scheme funds into daily Bitcoin purchases (€15 million daily or 55,000 BTC yearly), allowing citizens to pay certain taxes in Bitcoin, and exempting euro stablecoin payments under €200 from tax.

The bill faces steep political hurdles - the UDR holds only 16 of 577 National Assembly seats, making adoption unlikely without broader support.

Either way, France just sent a message to Europe: the future of money might not be centralized. It might be Bitcoin. When a major EU nation proposes acquiring 2% of Bitcoin's supply, that's not speculation - that's nation-state FOMO.

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Until next time,

Damon James