Two companies.

Two very different ways to build AI.

OpenAI:

→ 2025 revenue: $13 billion

→ 2026 losses: $14 billion

→ Cash burn through 2030: $665 billion

→ Profitability: not before 2030

→ Strategy: dominate first, profit later

Anthropic:

→ Training costs 4x lower

→ Projected break-even: 2028-2029

→ Cash burn dropping to 9% of revenue by 2027

Two very different business models

for the same technology.

But the more interesting question

is what sits underneath all of this:

Who ultimately pays

for the $665 billion being burned?

Microsoft — who also sells cloud

services to OpenAI.

SoftBank — who is also a Stargate partner.

Retail investors entering

at an $850 billion valuation.

In every gold rush,

the ones who profit most

aren't those who dig the most gold.

It's those who sell the shovels.

In this AI race —

the shovels are chips.

And the one company that doesn't need

to prove profitability to keep rising

is the one that makes those chips.

It's not a coincidence that Nvidia

isn't playing the burn rate game.

#OpenAI #AI #Nvidia #Bitcoin

#Investing #TechBubble #Eugenivium #CryptoThoughts