Whether or not data was openly accessible doesn’t really matter […] ChatGPT also isn’t just reading the data at its source, it’s copying it into its training dataset, and that copying is unlicensed.
Actually, the act of copying a work covered by copyright is not itself illegal. If I check out a book from a library and copy a passage (or the whole book!) for rereading myself or some other use that is limited strictly to myself, that’s actually legal. If I turn around and share that passage with a friend in a way that’s not covered under fair use, that’s illegal. It’s the act of distributing the copy that’s illegal.
That’s why whether the AI model is publicly accessible does matter. A company is considered a “person” under copyright law. So OpenAI can scrape all the copyrighted works off the internet it wants, as long as it didn’t break laws to gain access to them. (In other words, articles freely available on CNN’s website are free to be copied (but not distributed), but if you circumvent the New York Times’ paywall to get articles you didn’t pay for, then that’s not legal access.) OpenAI then encodes those copyrighted works in its models’ weights. If it provides open access to those models, and people execute these attacks to recover pristine copies of copyrighted works, that’s illegal distribution. If it keeps access only for employees, and they execute attacks that recover pristine copies of copyrighted works, that’s keeping the copies within the use of the “person” (company), so it is not illegal. If they let their employees take the copyrighted works home for non-work use (or to use the AI model for non-work use and recover the pristine copies), that’s illegal distribution.
“Calls” and “puts” are types of contracts about buying/selling stocks (they aren’t the stock themselves but are centered around a given stock and its trading price, so they are called “derivatives” as they are “derived” from the stock).
A put is a contract that allows the buyer of the contract to sell stock at an agreed upon price to the seller of the contract, regardless of the current trading price. They are used for a variety of reasons. In one usage, someone who is buying some of the stock at the current trading price may also buy a “put” on the stock at a slightly lower price. This way, they spend a little more money at the time of buying the stock, but if the trading price plummets, they can still sell it at that slightly lower “put” price and not lose too much money.
In this case, the idea would be to buy a “put” (without buying the stock at the same time) when the buyer thinks the stock’s trading price is overvalued. Then when the price falls below the “puts” agreed upon value, buy the stock at the lower price and immediately invoke the contract to sell at the "put"s higher price.