🦔 Sam Altman just committed over $1 trillion to AI infrastructure in the past month alone, while OpenAI lost $8 billion in the first half of 2025 despite doubling revenue. Only 5% of ChatGPT's 800 million users pay for subscriptions, and Altman admits profitability isn't in his "top ten concerns" despite the company's desperate search for new revenue streams. The Revenue Reality Check OpenAI can't convince 95% of users that ChatGPT is worth $20 monthly, yet they're planning to spend more than many countries' GDP on infrastructure. The company is now exploring advertising, monetizing Sora video generation, online shopping integration, and even reversing course on "mature apps" to boost engagement after previously rejecting "sexbots." The Circular Financing Web OpenAI is using Nvidia investment money to buy Nvidia chips while relying on partners like Oracle to absorb infrastructure costs and give them "time to build the business." Senior executives admit there's "lots of fuzz on the horizon" regarding their five-year business model, with no concrete plan to monetize resource-intensive products like Sora. The Systemic Risk AI capital expenditures now contribute more to US economic growth than all consumer spending combined, meaning an OpenAI collapse could trigger broader economic damage. The company's strategy appears to be scaling infrastructure first and figuring out monetization later, despite burning through billions with no clear path to sustainability. My Take When a company losing $8 billion annually while serving 95% non-paying users commits $1 trillion to infrastructure buildout, it represents the ultimate expression of AI bubble economics. Altman's admission that profitability isn't a top concern while the broader economy depends on AI capex reveals how disconnected current investment levels are from business fundamentals. The circular financing arrangements and reliance on partners to absorb costs suggest OpenAI knows its unit economics don't work at current scale. Hedgie🤗