Dan Nathan sits down with Rick Heitzmann, co-founder and partner at FirstMark Capital, to kick off a new Okay, Computer. series on AI investing. They dig into the circular financing behind the AI infrastructure boom — from Nvidia backstopping Apollo's private credit for xAI to Meta's off-balance-sheet data center deals with KKR and Blue Owl — plus the shift from "tokenmaxxing" to an efficiency era, the rise of Chinese open-source models, memory stock froth, and what's next for the IPO market after SpaceX.

Show Notes

Big Tech Is Hiding $1.65 Trillion in Debt. How Worried Should Investors Be? (Yahoo Finance)
SpaceXAI Explores Major Data Center Expansion in Texas (The Information)

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