⌥ Credit Where Credit Is Due

I have previously noted I am not a fan of Ed Zitron’s writing on A.I., which I think is driven more often by adherence to narrative than by genuine skepticism. Even so, his newsletter is extremely popular, and occasionally that pays off with honest-to-goodness scoops. Yesterday, he got a big one — a smattering of OpenAI financial documents revealing the company’s spending and earnings for the past two years. In 2024, it made billions of dollars less than it spent — including over a billion dollars on sales and marketing alone — and its 2025 numbers look even worse: The financial condition of OpenAI is deeply concerning. $38.53 billion in losses are astronomical, and far higher than most believed it would be. Losses also appear to be mounting year-over-year at a dramatic rate, and I’m not sure how this company finds a way toward any kind of sustainability or profitability. Zitron shared these documents with the Financial Times, which independently verified them, and added some…