Not worried about OpenAI’s ARR. Approaching $50B at end September is net vs. gross. We also know OpenAI excludes cloud-partner revenue Anthropic counts so investors marked the number up to force comparison. Sales didn’t fall $20B and not to mention $50B is still ~2.5x the ~$20B run rate at EOY25 on the capacity that’s already online. $60B+ blended revenue per GW on 10-12 GW of dedicated inference is how you get to $600B+ combined lab ARR by EOY27. That capacity is NOT built yet. Zephyr is right, the next leg will absolutely be agents that stay on for weeks. Then Bel/model 3 class models taking a cut of global R&D spend. So no I’m not really worried about OpenAI ARR today. Demand hasn’t even neared what it will be for enterprise, SMBs, and the regular consumer.