Luria: OpenAI will generate at most $15B revenue, lose over $20B
Gil Luria · AI Bubble Special Report: Debt, Depreciation, and Losses — With Gil Luria · Nov 17, 2025 · at 10:07
Gil Luria, Head of Technology Research at D.A. Davidson, argues that OpenAI's infrastructure borrowing is backed by deeply negative cash flows.
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“A company that at best will have fifteen billion dollars of revenue this year and will be losing more than that. So we'll be losing probably more than twenty billion dollars this year.”
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