Om Malik has been doing some of the sharpest behind-the-scenes AI business coverage out there. If you’re not following him at om.co, fix that now.

His latest piece: OpenAI is offering private equity firms a guaranteed 17.5% return to join joint ventures. Om’s read is that this is the kind of deal you do when you’ve borrowed against the future and the future is taking longer than expected.

The tell is the pattern. Jensen Huang called OpenAI poorly run. Thoma Bravo’s Orlando Bravo walked away after questioning its long-term profit profile. Two smart operators, different words, same conclusion.

The real product here isn’t AI. It’s an IPO prospectus.

Worth a full read.