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01 · LEAD STORY
Nvidia may guarantee $250 billion so OpenAI can buy its chips.
Nvidia is negotiating a roughly $250 billion financing guarantee to help OpenAI lease a 10-gigawatt data center campus SoftBank's SB Energy is building in Piketon, Ohio, per Tom's Hardware. Nvidia is separately discussing financing up to $350 billion of the chips that go inside it. Total project cost: over $500 billion.
OpenAI doesn't carry an investment-grade credit rating, so lenders need someone else's balance sheet behind the debt. Nvidia's guarantee does exactly that, letting SB Energy borrow against Nvidia's credit instead of OpenAI's. In return, Nvidia locks in years of guaranteed chip demand from its own customer.
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02 · FREE MODELS
A free model just quietly became this cheap.
DeepSeek's V4 moved from preview to a fully stable release this month, with legacy API endpoints retired July 24. V4-Pro scores 80.6% on SWE-bench Verified, near Claude Opus 4.8, while pricing lands around $0.87 per million output tokens, roughly 1/57th of Fable 5's rate, per Wan 2.7. Both variants are open-weight under MIT license.
One catch worth knowing: DeepSeek's own testing shows V4 refuses roughly 45% of certain code-generation prompts due to built-in content moderation. If your use case touches anything remotely sensitive, keep a fallback model ready.
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03 · TECH
Apple just delayed its glasses by a year over privacy.
Apple's smart glasses, codenamed N50, now reveal at WWDC 2027 instead of late 2026, with Bloomberg's Mark Gurman reporting privacy concerns as the main driver, per Tech Times. Apple is reportedly weighing camera-free versions or cameras that feed Siri without recording, plus tamper-proof recording indicators.
Meta sold over 7 million Ray-Ban glasses but now faces a class-action lawsuit and press coverage of people using them to secretly film strangers. Apple is spending real time to not repeat that outcome, betting a slower, more private launch beats being first.
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04 · INCOME
OpenAI is worth $852 billion and still loses money.
OpenAI's private valuation sits at $852 billion, one of the highest of any private company ever, yet it remains unprofitable and lacks an investment-grade credit rating, per Reuters, via Yahoo Finance. That gap, sky-high valuation, real losses, is exactly why it needs Nvidia's balance sheet to build infrastructure at all.
For OpenAI, owning the Ohio campus as a tenant, instead of renting compute from Microsoft, Amazon, or Oracle, would be a first step toward controlling its own infrastructure and its own cost structure. That's a real strategic shift, financed entirely by someone else's guarantee.
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That's the four things today. See you tomorrow.
Ternautics Media
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