Less “too big to fail” and more the ecosystem is too circular. OpenAI could blow up and it wouldn’t take out the economy in the way the banks would have in 2008. It would create a world of hurt for VCs and their LPs but that’s a fairly isolated ecosystem in terms of the whole economy. Theres a lot of thinking saying better they impose now and wipe out on the private market than letting them go public and this is a public market problem.