Leaked documents: OpenAI's adjusted operating margin improved from -150% to -109% from Q2 to Q3
THE SO WHAT
AI infra is still a cash furnace even at $10B quarterly run-rate — moving from -150% to -109% adjusted operating margin just means the scale of losses is now industrial. If you’re building on these platforms, assume sustained pricing and packaging experimentation as they chase unit economics, not a quick race to zero-cost inference.
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