Bei Jing Shang Bao·2025-11-02 15:54Core Insights - OpenAI reported a significant quarterly loss of over $11.5 billion, exceeding market expectations and highlighting the high cash burn rate in the AI sector [1][3] - Microsoft disclosed a $3.1 billion reduction in net income due to its equity investment in OpenAI, reflecting the financial burden large tech companies face to maintain AI competitiveness [1][2] Financial Performance - OpenAI's quarterly net loss of approximately $11.5 billion contrasts sharply with its revenue of only $4.3 billion for the first half of the year, indicating a loss nearly three times its semi-annual revenue [3] - Microsoft's total investment in OpenAI amounts to $11.6 billion out of a committed $13 billion, with the investment accounting for a significant portion of its financial strategy [2][4] Accounting Treatment - Microsoft employs equity method accounting for its investment in OpenAI, meaning OpenAI's losses directly impact Microsoft's net income [1][2] - The actual pre-tax loss for OpenAI could exceed $12 billion when considering Microsoft's higher ownership percentage of 32.5% during the quarter [3] Investment Context - OpenAI has attracted substantial funding from various investors, including a recent $40 billion round led by SoftBank, indicating strong investor interest despite the high losses [4] - The financial disclosures provide a rare glimpse into the fiscal health of a leading AI unicorn, underscoring the ongoing financial commitments from major tech firms [1][4]