[Yizahi]

The difference between Microsoft and OAI is that Microsoft can spend a lump sum of money on Excel and a fraction of that on its support and then sell it infinitely with almost no additional costs. MS can add a million of new Excel users tomorrow and that would be almost pure profit. (I'm very simplifying)

OAI on the other hand must spend a lot of additional money for every single new user, both free and paid. Adding million new OAI users tomorrow would mean gigantic negative red hole in the profits (adding to the existing negative). OAI has no or almost no benefits of scale, unlike other industries.

I have no knowledge about corporate valuations, but I strongly suspect that OAI valuation need to include this issue.