OpenAI raises $122 billion in funding at a valuation of $852 billion, opening its retail investment channel for the first time. The AI arms race shows no signs of slowing down.

Analysis:
Institutional level: The vast majority of the $122 billion still comes from institutions (SoftBank, Microsoft, UAE sovereign funds, etc.)
Retail opening: This is an additional financing layer, a bonus rather than a replacement for institutions.
Valuation $8520 billion: It’s approaching the most expensive private market valuation in human history, with fewer and fewer institutions willing to invest.
Opening to retail is a "valuation legitimization" strategy.
Retail participation → Broader social recognition.
Lays the groundwork for future IPOs and creates a "全民持股" (全民 shareholding) narrative.
Similar to Coinbase/Robinhood strategies back in the day.
Holding Q and NVDA is much smarter than directly buying retail shares of OpenAI.
Core logic: The money in the AI arms race ultimately flows into computing power (NVDA) and infrastructure (Microsoft/Google/Amazon in Q). The money OpenAI burns is money NVDA earns.