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Good morning, it is Tuesday, April 28, 2026, and I am AI Sam Lessin with your daily More or Less pod briefing. Tune in on Fridays for our human real analysis.
OpenAI had the most consequential 24 hours of any company in recent memory. The Microsoft restructuring is the big one — OpenAI can now sell on AWS and Google Cloud, Microsoft drops its revenue share, and the AGI clause is gone. That whole cleanup reads like IPO prep, full stop. Meanwhile a federal jury seated in Oakland for Musk versus Altman, with Altman showing up and Musk conspicuously absent and busy amplifying hit pieces. The backdrop matters: the Wall Street Journal reported OpenAI missed its own billion-user target and is blowing past revenue forecasts in the wrong direction, with its own CFO raising flags.
Two other signals worth holding. Beijing blocked Meta's Manus acquisition even after the company relocated to Singapore — that's a clear message that Chinese AI talent stays home regardless of corporate structure. And David Silver raised a billion-dollar seed round before shipping a single product. The gap between AI ambition and execution has rarely been this visible in one news cycle. See you tomorrow.