  The recent gamma ray burst, GRB 990123, has an absorption redshift z_s=1.60,
implying an apparent energy $E \ge 3 \times 10^{54} erg$, and a peak luminosity
$L_{max} \ge 6 \times10^{53}erg/s$, assuming isotropic emission. This energy is
ten times larger than hitherto measured and in excess of the rest mass of the
sun. Optical observations have revealed an associated galaxy displaced from the
line of sight by $\sim 0.6''$. This raises the possibility that the burst is
enhanced by gravitational lensing. We argue that existing observations probably
only allow magnifications $\mu>400$ if the galaxy is at z_d=1.60 and the burst
originates at much higher redshift. It should be possible to exclude this
possibility by examining the burst time structure. If, as we anticipate,
multiple imaging can be excluded, GRB 990123 remains the most intrinsically
luminous event yet observed in its entirety.
