Seems that the OpenAI revenue miss is heavily weighted by the accounting that OpenAI Inference sold through $MSFT Azure only counts for 20% of sold value as revenue while Anthropic Inference sold through AWS counts for 100% of sold value as revenue. This is because MSFT has IP rights on OpenAI. On the flip side the 20% that OpenAI gets from MSFT is pure gross margin ex training cost while Anthropic Inference revenue via AWS needs to subtract off compute cost to get gross margin. Azure is probably the biggest server of OpenAI inference so how it’s accounted matters greatly.
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