Will The Capital Markets Close on OpenAI? | Steve Milunovich x Okay, Computer.

RiskReversal Pod

RiskReversal Media

Business News, News, Investing, Business

4.7 • 836 Ratings

🗓️ 28 January 2026

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dan Nathan is joined by Steve Milunovich, a tech investor and retired sell-side analyst from Merrill Lynch. The discussion delves into the parallels between the AI boom and the dotcom era, touching on technological waves from the 1980s to the present. Milunovich highlights similarities such as early-stage winners, heavy capital expenditures, and the emergence of application layers later on. They also discuss the circular financing in the tech industry and potential risks, including heavy reliance on significant players like Nvidia and issues surrounding supply constraints. The conversation explores the broader implications of AI across various industries, including financial institutions and industrials, and considers the timeline for wider adoption and monetization of AI technologies. The dialogue is framed by historical context, with references to past tech bubbles, network effects, and the potential for new winners in unexpected sectors. Show Notes AI: The Wrong Kind of Bubble (Breadcrum.vc) Meta inks deal to pay Corning up to $6 billion for fiber-optic cables in AI data centers (CNBC) AI productivity is about to become visible and investable (FT) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Transcript

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0:00.0	When will M&A activity pick up? Will this year mark the return of IPOs? Listen to strategic alternatives,
0:07.2	a podcast from RBC Capital Markets, to get insights on these questions and more. Explore the trends in
0:14.0	market forces impacting deal flow and find out how companies, investors are shifting their strategies
0:19.3	to drive growth and unlock value.
0:21.7	Listen and subscribe to Strategic Alternatives Today, available wherever you get your podcasts.
0:27.7	Guy, I'm sure you're already up to speed on all things current.
0:31.1	Of course I am.
0:31.7	Their app makes managing your money saving even building credit super easy, Dan.
0:36.2	They have a new feature called paycheck advance you can get up
0:39.3	to 500 bucks before payday when you switch your paycheck and qualify now that i didn't know so now
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0:50.8	started just go to current dot com slash okay that's okay a why go to current.com slash okay. That's okay-a-y. That's current.
0:55.9	com slash okay. Current is a financial technology company, not a bank. Banking services provided by
1:02.7	Choice Financial Group member FDIC and Cross River Bank member FDIC. Paycheck Advance is offered by
1:09.0	Finco Advance LLC, a financial technology company,
1:12.3	not a bank. Eligibility and available amounts may vary and are subject to change at any time.
1:17.4	For full terms and conditions, visit current.com or call 888-851-1172 for more information.
1:25.4	Companies are putting AI in their names very much like they did back in the dot-com
1:30.2	bubble, where a company would just add dot com to their name, the stock would be up 20%.
1:34.2	So we see a lot of companies, you know, literally with AI in the name.
1:39.0	We are seeing, though, more what I would call proper nouns than common nouns.
1:43.0	A common noun is named after a category.
	...

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