Microsoft(US:MSFT) 华尔街见闻·2025-11-01 11:10Core 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][2] - Microsoft's investment in OpenAI, which is accounted for using the equity method, resulted in a net profit reduction of $3.1 billion for Microsoft [5][6] - Despite the massive losses, Microsoft's overall financial health remains robust, with a net profit of $27.7 billion in the last quarter, allowing it to absorb the investment losses [13][15] Financial Performance - OpenAI's quarterly net loss of approximately $11.5 billion is stark when compared to its revenue of only $4.3 billion for the first half of the year, indicating that the loss is nearly three times its half-year revenue [11] - Microsoft's actual investment in OpenAI amounts to $11.6 billion out of a committed $13 billion, reflecting a significant financial commitment to the AI company [5][6] - The loss attributed to OpenAI's performance is calculated based on Microsoft's 27% stake, but it may actually be higher due to a reported 32.5% stake, suggesting potential losses exceeding $12 billion [9][10] Industry Implications - The financial disclosures provide a rare glimpse into the fiscal challenges faced by AI unicorns, underscoring the substantial financial burdens that large tech companies are willing to bear to maintain competitive advantages in AI [2][12] - The rapid increase in OpenAI's cash consumption is evident, with losses rising from $0.523 billion in the same quarter last year to $3.1 billion this year, indicating a significant acceleration in spending [14]