OpenAI's latest print looks uncomfortable! Revenue grew only 18% QoQ while losses remain enormous, which raises the obvious question of who keeps funding the infrastructure boom. The answer is that the funding pool extends far beyond the model companies. The hyperscalers fund capacity out of existing cash flows, NVIDIA and partners are mobilizing >$500B, and Bank of America launched a $250B infrastructure financing initiative (as examples). Private capital is also stepping in. The chart below shows data center deal value hitting $130B in 2025, and Goldman estimates infrastructure and real estate funds still hold ~$1T of dry powder. Importantly, Anthropic is growing over 100% QoQ, showing model economics are not uniformly weak. So, the AI buildout does not need OpenAI to be profitable today. It needs AI to create enough value to incentivize capital to keep flowing into the space. The investor takeaway is that the pressure currently sits in the economics of some frontier models, rather than in underlying AI demand. I only start worrying when weak model economics begin feeding through into weaker capacity commitments and lower CapEx volumes. Separating the real AI risks from the noise is the whole job inside Milk Road PRO. The price rises Aug. 26, so lock in today's rate for life before then: