OpenAI's $278B Burn Is the Wrong Headline

🔥 What happened OpenAI projects $278B in negative free cash flow from 2026 through 2030, per a July deck — down from $305B in May. Meanwhile its compute and infrastructure tab jumped to $856B, roughly 43% above the $600B it told investors publicly in February. 💡 Why it matters Spending can climb while burn falls because Nvidia, Oracle and SB Energy carry the debt — Nvidia is in talks to guarantee $250B in data center financing. The real risk isn't the burn; it's the revenue assumption: $36B today to $350B by 2030. ⚡ Our take Headlining $278B as the alarm bell inverts the logic. That spend is largely contracted — the revenue is the part that has to show up. Watch the partners' balance sheets, not OpenAI's.