# AI capex — X 热门讨论 (2026-10-08 18:59 UTC)
## @Maciej__Czajka (Maciej Czajka) · 10-08 17:19 · ♥38 ↻1 💬7 🚨OpenAI poinformowało właśnie inwestorów, że jego zannualizowane przychody zbliżają się do 50 mld USD, a nie do wcześniej podawanych 70 mld USD.
Przypomnę: aby uzasadnić dokonane inwestycje, hiperskalery potrzebują dziś ok. 1,4 biliona dolarów przychodu w ciągu najbliższych 3 lat. A ta liczba będzie tylko rosła wraz z kolejnymi nakładami (CapEx).
Fakt, że lider wyścigu generuje 50 mld USD zamiast oczekiwanych 70 mld USD (prawie 30% mniej, niż głosiła rynkowa narracja), musi budzić niepokój.
Pytanie nie brzmi już: jak szybko rośnie AI? Brzmi: ile gotówki zostaje po opłaceniu tej gigantycznej infrastruktury? Przygotujcie się na wyższą zmienność. Jeden z głównych filarów aktualnej hossy właśnie się zachwiał. > 引用 @FT: OpenAI annualised revenues $20bn less than previously signalled https://t.co/9QE2dJpZUW https://x.com/Maciej__Czajka/status/2108245884592853141
## @LazaroInvestor (LazaroLifestyle) · 10-08 13:00 · ♥31 ↻2 💬11 Still bullish on $META off the recent highs, and I still see $1,000 long term.
The ad business is the engine: roughly $228B in trailing revenue, still growing in the high-20s across Facebook, Instagram, and WhatsApp. AI is already improving ranking and ad performance. That is the return on the spend, not a side bet.
Capex is the overhang, with 2026 guided at about $130–145B and free cash flow squeezed. I’m fine with that if the compute lands in a higher-ROI ad system.
Not financial advice. https://x.com/LazaroInvestor/status/2108180673500451290
## @joedab12 (Joe) · 10-08 17:25 · ♥31 ↻4 💬3 "The discrepancy reportedly stems from differences in how OpenAI and Anthropic calculate revenue. Anthropic includes sales through cloud partners such as AWS and Google Cloud, while OpenAI does not.
Investors had attempted to adjust OpenAI's figures to make them comparable with Anthropic's, contributing to the previously reported $70B estimate."
Thats what you should be focused on. Is this bullshit? Kind of. Will we go lower? Maybe. Will this stop the AI capex cycle or jeapordize openAI IPO? Hell no. > 引用 @wallstengine: OPENAI'S ANNUALIZED REVENUE NEARS $50B, BELOW EARLIER $70B REPORTS: FT
OpenAI recently told investors its annualized revenue was approaching $50B at the end of September, roughly $20B below the figure widely reported last month.
The discrepancy reportedly stems from differences in how OpenAI and Anthropic calculate revenue. Anthropic includes sales through cloud partners such as AWS and Google Cloud, while OpenAI does not.
Investors had attempted to adjust OpenAI's figures to make them comparable with Anthropic's, contributing to the previously reported $70B estimate.
OpenAI declined to comment.
Source: Financial Times. https://x.com/joedab12/status/2108247385814208801