OpenAI isn’t just burning through cash. It’s lighting an entire mountain of money on fire.

But since it’s not a publicly traded company, the extent of that mountain remains difficult to gauge. But clues periodically emerge: as the Financial Times reports, for instance, the company recently signed a staggering $250 billion rental agreement with Microsoft — as well as a $38 billion contract with Amazon, less than a week later.

According to HSBC, whose software and services team issued an update to its financial model of OpenAI, the company will be spending a nauseating $620 billion per year on renting data center capacity to power its AI models alone. That’s despite only a third of the total contracted amount of 36 gigawatts actually scheduled to come online before 2030.

It’s a precarious

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