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Robinhood got all kinds of attention earlier this year when it claimed to be able to offer its retail users exposure to OpenAI’s growth story via tokenized shares backed by a special purpose vehicle.

Counsel for OpenAI, has warned that these tokens do not constitute equity and claimed that the whole thing is unauthorized, which could potentially mean it could be a risky investment for the token holders.

This gets at a bigger question of investor access. The hottest AI companies like OpenAI and Anthropic, remain firmly

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