美国AI爆雷！烧光5000亿的背后，竟是“左脚踩右脚”的惊天骗局？

Core Insights - OpenAI reported a revenue of $4.3 billion in the first half of 2025, but faced a net loss of $1.35 billion, with cash burn at $2.5 billion per month, raising concerns about sustainability [1] - The valuation of OpenAI was around $300 billion in April, with employees actively selling shares, indicating a high level of financial activity [1] - Significant investments are being made in AI infrastructure, with Nvidia committing $100 billion and SoftBank planning a $500 billion Stargate project, but the actual deployment of AI applications remains limited [3] Financial Performance - OpenAI's revenue primarily comes from ChatGPT subscriptions and API services, totaling $4.3 billion, while R&D expenses reached $6.7 billion [12] - The company is heavily reliant on cloud services from AWS and Google, leading to substantial operational costs [12] Market Dynamics - The AI sector is experiencing a cycle of investment and expenditure, with funds circulating among major players like OpenAI, Nvidia, and SoftBank, creating an illusion of prosperity [3] - The U.S. government's AI strategy, launched in 2025, emphasizes AI as a key driver for economic growth, with 71% of venture capital in the U.S. directed towards AI, contributing to a 15% rise in the Nasdaq [10] Technological Developments - OpenAI's Sora 2 has generated significant user interest, achieving over a million downloads in a day, but has also faced backlash over deepfake content and copyright issues [5][7] - The company has implemented measures to address deepfake concerns, including watermarks and filters, but user engagement has declined as a result [7] Strategic Challenges - The Stargate project, initially ambitious, has faced setbacks, including a reduction in the scale of data centers and cash flow issues for SoftBank's investment in OpenAI [12] - Tesla's Dojo project has encountered significant challenges, leading to a reassessment of AI strategies within the company [14]