Andrew Marshall(@AndrewM61370616):People are misunderstanding the FT article in my opinion. People tried to put together OAI's ARR using the same metrics that Anthropic uses. Anth. uses Gross revenue recognition, and OAI uses Net revenue recognition. $50B ARR using Net Revenue recognition is insanely good. To be fair, OAI can't really recognize gross due to their agreement with Microsoft, so the big Q I would have is whether they recognize net only for MSFT, or for all hypers that sell their product. If you're wanting to do some dip buying on AI names, all else being equal, this seems like a temporary dislocation.

2026.10.08 17:22

People are misunderstanding the FT article in my opinion. People tried to put together OAI's ARR using the same metrics that Anthropic uses. Anth. uses Gross revenue recognition, and OAI uses Net revenue recognition. $50B ARR using Net Revenue recognition is insanely good. To be fair, OAI can't really recognize gross due to their agreement with Microsoft, so the big Q I would have is whether they recognize net only for MSFT, or for all hypers that sell their product. If you're wanting to do some dip buying on AI names, all else being equal, this seems like a temporary dislocation.

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