Wednesday links: AI unknowns

FinanceLudovic Phalippou and William Magnuson, "In seeking access to public capital without accepting public-company obligations, private equity may have exposed itself to a much more demanding form of accountability." (giftarticle.ft.com)Private equity is now in the business of college sports, via the University of Utah. (axios.com)Biotech M&A is booming. (giftarticle.ft.com)AIHow far has OpenAI fallen behind? (theatlantic.com)Meta ($META) is pivoting away from open source AI models. (bloomberg.com)AI makes up a growing percentage of VC investment. (blogs.cfainstitute.org)MediaBig media mergers don't have a great track record. (variety.com)For consumers it's hard to see upside to either deal for Warner Bros. ($WBD). (theirrelevantinvestor.com)Has Netflix ($NFLX) changed its tune on theaters? (spyglass.org)Streaming prices are going only in one direction. (flowingdata.com)RestaurantsHow fast-growing Jollibee is different than other fast food chains. (theatlantic.com)Cracker Barrel cust