The report warns that OpenAI has a serious financial black hole: a threat to drive the AI chain to collapse

On 20 July, according to fast-track technology, the world is now investing in AAI, but a well-known analyst, Ed Zitron, has recently warned that there is a heavy debt burden on AI’s leader, OpenAI, which, if declared out of business, could trigger a series of chain reactions and even trigger the detonation of an AI bubble. The financial statements of OpenAI 2025, verified by Ed Zitron in conjunction with the Financial Times, show that while the total revenue received by OpenAI in 2025 increased significantly from $3.7 billion in the previous year to $13.07 billion, total cost and cost expenditure amounted to $34 billion during the same period, with a single-year operating loss of approximately $21 billion. After taking into account the large one-time non-cash costs incurred in the transition from a non-profit organization to a profit-making entity, estimated by the parties at between $30 billion and $41.6 billion, the final net book losses of OpenAI in 2025 amounted to $38.53 billion. OpenAI is one of the largest buyers of GPU at the NVIDIA data centre and a core customer for cloud service providers such as Oracle and CoreWeave, with soft silver pledging up to tens of billions of dollars to OpenAI. If OpenAI is not in a position to pay the costs of its infrastructure partners on time in the future, the impact will immediately affect these enterprises. Zitron further stated that once AI ' s investment booms receded, memory needs would be reduced significantly, and that the current HBM deficit was largely driven by the huge demands of AI training and reasoning, and that the memory giants Samsung, SK Hercules, Migwang and Sandisk had leaned their production towards HBM, crowding out traditional DRAM and NAND flash capacity. If OpenAI shrinks its calculus input or stops expansion, GPU demand declines will be transmitted directly to HBM, and memory chips may no longer be in short supply, and these giants will be put back in shape and the whole industry will face a reshuffle。