[nojs]

This kind of analysis misses the fact that they will find other ways to monetize. Given that almost every other major tech company makes billions from ads (not subscriptions or API usage), it seems reasonable to price this into their valuation.

[enragedcacti]

Other tech companies have extremely low marginal costs compared to OpenAI. If you look at a compute intensive product like Twitch you'll see that despite 100s of millions of active users, extensive advertising, multiple subscriptions types (Turbo/individual streamer subs), 10% on bits, and likely lower AWS rates they still have never turned a profit. OpenAI doesn't have to pay out streamers but they also have considerably higher compute costs per ad opportunity than delivering video does.