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MSFTGOOGLAMZNBEARISHCore thesis · 5/5

AI revenue is circular and inflated

The guest argued that the reported AI revenue from major labs like OpenAI and Anthropic is largely circular, inflated by pre-purchased tokens and funding from their own venture capital backers, with little evidence of a real, sustainable business model outside these two companies.

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MSFT: AI revenue is circular and inflated · Zortix