We give an exposition of OpenAI's recent proof that the exponent $ω_\mathbb{C}$ of matrix multiplication over the complex numbers satisfies $ω_\mathbb{C}\leq9/4$. Our version of the proof gives $ω_\mathbb{F}\leq9/4$ over every field $\mathbb{F}$. We also treat the rectangular matrix multiplication exponent $ω_\mathbb{F}(a,b,c)$. Here we have $ω_\mathbb{F}(1,k,1)=2$ for $0\leq k\leq1/2$ and $ω_\mathbb{F}(1,k,1)\leq1+k+1/(4k)$ for $k\geq1/2$, and, for real numbers $a\geq b\geq c\geq0$, $ω_\mathbb{F}(a,b,c)=a+b$ if $c(a+b)\leq ab$ and $ω_\mathbb{F}(a,b,c)\leq(a+b+c)/2+(ab/c+ac/b+bc/a)/4$ otherwise. Our exposition is in the language of degeneration inequalities among polynomial multiplication tensors and Strassen's asymptotic spectrum duality. We moreover prove an operational barrier (which can be thought of as coming from an operational asymptotic spectrum) showing that the current analysis of all these upper bounds on $ω_\mathbb{F}$ and $ω_\mathbb{F}(a,b,c)$ is optimal and that in fact the current degeneration ingredients cannot improve the bounds.

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