微软财报泄密：OpenAI一颗大雷将引爆

Core Insights - OpenAI reported a staggering quarterly loss of over $11.5 billion, significantly exceeding market expectations, highlighting the ongoing cash burn in the AI sector [1] - Microsoft’s investment in OpenAI, which is accounted for using the equity method, resulted in a net income reduction of $3.1 billion for the quarter [2] - The actual pre-tax loss for OpenAI could exceed $12 billion when considering Microsoft's higher ownership percentage of 32.5% [4][5] Financial Performance - OpenAI's revenue for the first half of the year was only $4.3 billion, making the quarterly loss nearly three times its half-year revenue [5] - Microsoft has committed a total of $13 billion to OpenAI, with $11.6 billion already invested, indicating a substantial financial commitment [2][6] - Despite the significant loss from OpenAI, Microsoft’s overall financial health remains strong, with a net profit of $27.7 billion in the last quarter, allowing it to absorb the investment loss [6][7] Accounting Methodology - Microsoft uses the equity method for accounting its investment in OpenAI, meaning OpenAI's losses directly impact Microsoft's net income [2] - The equity method reflects the actual operational performance of the invested company rather than market valuation changes [2] Industry Implications - The disclosure of OpenAI's financial status provides a rare glimpse into the financial burdens large tech companies face to maintain competitive advantages in AI [1][7] - The rapid increase in OpenAI's cash consumption is evident, with losses accelerating compared to the previous year's $0.523 billion loss [6]