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OpenAI's revenue is NOT $70 billion. It's closer to $50 billion. Oops. The Nasdaq 100 fell 1.3% on that Thursday. Relax. The canary is not sick. ✅ The FT: OpenAI told investors its annualized revenue was approaching $50 billion at the end of September. The number going around was $70 billion. 😇 That feels like we just got rugpulled out of 29%. ✅ Why the gap: investors tried to compare OpenAI to Anthropic. Anthropic counts sales made through cloud partners. OpenAI doesn't. ➡️ Lemonade stand version: you sell $100 of lemonade and pay the sign guy $10. One stand calls that $100 of revenue. The other calls it $90. That's the whole scandal. 😇 So this is all just one big misunderstanding. ✅ Revenue is still up more than 70% since July. ➡️ Remember my two canaries: the labor market, and revenue at OpenAI and Anthropic. 😇 This doesn't actually mean the canary is sick. 😇 This canary is not levitating. It's singing, but it's not levitating. 🚨 The risk: the growth rate IS slowing. If one of these two rolls over, the whole AI trade feels it. Not yet. I'll be the first to tell you.