Sure. Here's an example:

https://www.wheresyoured.at/exclusive-openai-financials/

Zitron wrote:

> Additional factors – including interest income and interest expense – left it with a net loss of $8.84 billion. It then marked $3.74 billion of losses as “net loss attributable to noncontrolling members capital,” leaving the net loss attributable to the company as $5.09 billion.

> It’s unclear what this means, nor how OpenAI reconciled the removal of $3.74 billion in costs. I will not speculate further.

It is very clear what this means, and no speculation is required if you understand basic consolidation accounting, which you would expect someone in his position to understand.

It's not rocket science: when you have a parent company with entities it doesn't wholly own, the slice of losses belonging to the other equity holders is split out as "noncontrolling interests." Nothing is removed or hidden; the total loss is unchanged, it's just allocated to reflect that the parent company doesn't own the whole. Framing it as OpenAI removing costs implied something sketchy and requiring speculation where there's only routine GAAP accounting.

But it's even worse than this. So many of Ed's claims conflate the foundational R&D and capital expenditures these companies are incurring with the unit economics of their businesses. He seems woefully unable to understand that you could sped gobs of money on the former and still have positive gross margins that scale over time with the latter.

One example - he often compares current revenues to capex being spent on future capacity to claim that AI companies aren't profitable. (See this post for example: https://www.wheresyoured.at/am-i-meant-to-be-impressed/ .)

But this ignores that the capex spent to build more capacity is expected to generate additional future revenue. You don't need to recoup your capex immediately. A better approach would be to amortize the capex and compare revenues to that.

Clearly he assumes revenue won't increase enough to recoup this level of capex (and it's very possible it won't) but IMO it's either a miscalculation of how the financing works or a deliberately misleading framing to compare current small revenues to a big scary capex number.

I'm sure the above is simplified by the way, but I am confident that people who work at Goldman understand the relevant details extremely well.