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Ed Zitron
Where's Your Ed At; Better Offline host
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Ed Zitron (EZPR) says that by his reporting 69% of Microsoft Intelligent Cloud's 2025 growth came from OpenAI, ex-OpenAI growth was only 8%, and calls the AI sales narrative 'kind of a lie'.
So in calendar year 2025, according to my own reporting about open AI's numbers, 69% of the year over year growth of Microsoft Intelligent Cloud segment was actually from open AI. Without that, it would have only grown 8% year over year, which is barely beating inflation.
Nasdaq since this was said: ▼ -2.7% · 26,803 → 26,082 · as of 2026-09-10
citing UBS; opening on an anthropic = OpenAI and Anthropic garble
“27% of Google Cloud's revenue this year will be opening on an anthropic increasing to over 48% next year”
Nasdaq since this was said: ▲ +2.8% · 25,374 → 26,082 · as of 2026-09-10
capex builds infrastructure for two unprofitable companies, not diverse demand
“everyone is being sold what I consider kind of a lie. It's honestly kind of a scandal”
Nasdaq since this was said: ▲ +2.8% · 25,374 → 26,082 · as of 2026-09-10
his own reporting; without it 8 percent growth, barely beating inflation
“69% of the year over year growth of Microsoft intelligent cloud segment was actually from open AI”
Nasdaq since this was said: ▲ +2.8% · 25,374 → 26,082 · as of 2026-09-10
NYT-reported IPO delay to 2027 as a potential unwind catalyst
“So with open AI's IPO, I think that could be one of the flash points”
Nasdaq since this was said: ▲ +2.8% · 25,374 → 26,082 · as of 2026-09-10
OpenAI and Anthropic need continual capital flows, not cashflow
“when anything happens to that cash, I think that's the first kind of domino to fall”
his overbuild math applied to Sightline Climate's ~190GW capacity figure (Feb), PUE 1.3
“$1.6 trillion of annual revenue needed to satiate those data centers. Having two customers is not going to do that”
Nasdaq since this was said: ▲ +2.8% · 25,374 → 26,082 · as of 2026-09-10
explicit disbelief OpenAI and Anthropic reach 400B annual spend
“they're only going to spend $400 billion a year. And that's if they get that far, which I don't believe they will”
Nasdaq since this was said: ▲ +2.8% · 25,374 → 26,082 · as of 2026-09-10
OpenAI audited financials he reported with the FT
“They lost $ 20.9 billion in 2025, and things are only getting worse”
Nasdaq since this was said: ▲ +2.8% · 25,374 → 26,082 · as of 2026-09-10
data center SPVs compared to the GFC instruments
“the AI bubbles equivalent of CDOs”
questioning where AI revenue to service the debt comes from. his own characterization; he concedes on tape it sounds alarmist; bearish force depends on the omitted $1.68T comparison
“the global software industry is less than 800 billion dollars”
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