OpenAI大幅下调支出目标至6000亿美元，毛利率承压引发盈利担忧

Core Viewpoint - OpenAI is significantly reducing its capital expenditure expectations, now targeting a total computing expenditure of approximately $600 billion by 2030, down from the previously stated $1.4 trillion commitment by CEO Sam Altman [1][3][6] Group 1: Financial Projections - The company anticipates total revenue exceeding $280 billion by 2030, a substantial increase from $13.1 billion in 2025, with contributions from consumer and enterprise businesses expected to be roughly equal [4] - OpenAI's adjusted gross margin is projected to decline to 33% by 2025, with the company expecting to achieve positive cash flow by 2030 [5][8] Group 2: User Growth and Competition - ChatGPT currently supports over 900 million weekly active users, an increase from 800 million in October of the previous year [9] - Despite a temporary slowdown in user growth last fall, both weekly and daily active user numbers have rebounded to historical highs [10] - OpenAI has entered a "red alert" state to focus on improving chatbot functionalities in response to competitive pressures from Google and Anthropic [11] Group 3: Financing and Valuation - OpenAI is nearing the completion of a new financing round, aiming to raise over $100 billion, with a pre-financing valuation of approximately $830 billion, potentially making it one of the largest private financings in history [13][14] - Strategic investors in this financing round include Nvidia, which may invest up to $30 billion, as well as SoftBank and Amazon [15] - The company initiated this substantial financing due to anticipated surges in AI operational and training costs, projected to reach around $450 billion from 2025 to 2030 [15]