OpenAI just submitted a confidential draft S-1 registration statement to the SEC, taking a formal step toward going public. The company pre-announced the filing because it expected a leak, noting that timing isn't decided yet and being private still makes certain big moves easier.
The SEC's Gary Gensler just warned that an AI-triggered financial crisis is "nearly unavoidable" by the late 2020s or early 2030s. The danger isn't necessarily one reckless trader, but entire Wall Street institutions quietly relying on the same underlying foundation model or data aggregator. Why it matters: Regulators are built to police individual banks, making systemic AI monocultures a massive blind spot.
