If OAI issued bonds, they'd be carrying all the risk. With these deals with Microsoft, Nvidia and now AMD, they're shifting some of that risk to powerful players in the "too big to let fail" category.
It bears repeating my original question: if the risks are so minor, why is OpenAI simply not issuing bonds and buying AMD stock with the proceeds?
> Do you recall what “people familiar with finance” did with CDOs and mortgage-backed securities during the financial crisis? That didn’t work out so well either, despite all parties being aware of the risks.
There was straight up fraud involved in the underwriting for the mortgages where verification (or rather underwriting itself) was not being done.
This deal is a transparent bet on an outcome with no deceived party.