OpenAI, SoftBank, and Nvidia

Following up on yesterday's post, Yesterday's Alarmism is Tomorrow's Consensus Longtime and even casual readers of this blog will know that we are big fans of Talking Points Memo and particularly of Josh Marshall (for my money, the best political commentator of the past 20 years). There have been plenty of times when I have disagreed with Marshall on minor and sometimes major points of analysis, but this recent piece on the AI bubble is a first.Except for one or two general and largely obvious observations about the absurdity of the current situation, this piece and the Semafor article it's based on managed to get virtually everything wrong about the relationships between OpenAI, Nvidia, and SoftBank.For lack of a better explanation, Elizabeth Hoffman, who penned the Semafor piece, seems to have seen the title of Ed Zitron's recent post comparing the data center bubble to the subprime crisis but does not seem to have actually read it. Zitron, at great length, laid out the disturbing…