OpenAI Sits at the Center of a $1.4 Trillion Capital Loop, Morgan Stanley Warns

TLDR: OpenAI holds over $1.4T in infrastructure commitments against just $13B in annual revenue today. Microsoft, Amazon, Oracle, and Nvidia fund OpenAI while receiving its spending commitments back Morgan Stanley warns AI capital spending may exceed 50% of all large-cap capex industry-wide. Off-balance-sheet deals hide true leverage, leaving investors blind to the full financial exposure.  [...]

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