Michael Burry said that OpenAI (OPENAI) is destined to end up like web browser company Netscape, which fizzled out after a landmark IPO in 1995.
In a list of “fun facts” Burry posted ox X Sunday, he said that even a $1T valuation OpenAI IPO that raised $60B “would not be near enough even though it would be the largest IPO raise in history by more than 2x.”
“And will not change its Netscape fate,” he said.
He also said Palantir (PLTR) is DiamondCluster, a consulting firm that rocketed in market cap and size in 2000 but eventually sold out to PricewaterhouseCoopers for around $380M. “Over 90% of subscribers on Substack are free so almost every estimate of Substack revenue you see is >10x too much,” he added.