The TPG, Bain, and Brookfield arrangement with OpenAI is worth examining for what it is not [2]. It is not a procurement decision made by 2,000 individual companies evaluating AI on its merits. It is not a bottom-up signal that enterprise demand has reached a new ceiling. It is a distribution agreement in which the decision to adopt was made at the ownership layer — and the 17.5% guaranteed return is the mechanism that makes that decision legible as a business case rather than a technology bet. This is how…