FT：OpenAI与Anthropic营收统计差异及供应链风险
FT: Yesterday's market fallout shows how influential OpenAI and Anthropic have b…
FT: Yesterday's market fallout shows how influential OpenAI and Anthropic have become, even though both are still private companies. Oracle and Nvidia fell sharply and the Nasdaq 100 lost 1.4%.
FT：昨日市场动荡显示出 OpenAI 和 Anthropic 的影响力有多大，尽管这两家公司目前仍为非上市公司。 甲骨文（Oracle）和英伟达（Nvidia）股价大幅下跌，纳斯达克100指数跌1.4%。
OpenAI counts revenue net of what partners such as Microsoft keep, while Anthropic counts gross sales through cloud partners.
OpenAI 按扣除微软等合作伙伴留存部分后的净收入计算营收，而 Anthropic 则通过云合作伙伴按总销售额计算。
The higher ARR number for OpenAI ($70B.) never came from the company; investors built it by grossing up its figures to match Anthropic’s method.
OpenAI 更高的 ARR（年度经常性收入）数据（700亿美元）并非来自该公司；投资者通过将其数据放大以匹配 Anthropic 的计算方法得出该数字。
Both methods are allowed under US GAAP, so the same business can report headline run rates billions of dollars apart.
这两种方法均符合美国通用会计准则（US GAAP），因此同一家企业报告的 headline run rates（表面年化运行率）可相差数十亿美元。
As per reports, &Y is the auditor of Anthropic while Deloitte is auditing OpenAI.
据报道，安永（&Y）是 Anthropic 的审计机构，而德勤（Deloitte）正在审计 OpenAI。
> Oracle is borrowing to build capacity for a $300B, 5-year OpenAI contract worth about 47% of its $638B backlog, and S&P flags OpenAI as a central credit risk.
> 甲骨文正举债建设产能，以履行一份为期5年、价值3000亿美元的 OpenAI 合同，该合同约占其6380亿美元积压订单的47%，标普（S&P）将 OpenAI 列为核心信用风险。
> Microsoft, which owns about 27% of OpenAI, tied 45% of its $625B commercial backlog to the lab in January and booked a $7.58B recapitalisation gain.
> 持有 OpenAI 约27%股份的微软在1月将其6250亿美元商业积压订单中的45%与该实验室挂钩，并录得75.8亿美元的重组收益。
> Amazon and Nvidia committed $50B and $30B to OpenAI’s March round, while AMD granted it warrants for up to 160M shares vesting as it deploys 6GW.
> 亚马逊和英伟达分别向 OpenAI 3月的融资轮次承诺投资500亿美元和300亿美元，而 AMD 向其授予了最多1.6亿股股票的认股权证，这些股票将在部署6GW算力时逐步归属。
Much of that capital returns as chip and cloud orders, so softer OpenAI revenue will hit suppliers’ sales and stakes together.
大部分资本将以芯片和云服务订单的形式回流，因此 OpenAI 营收疲软将同时影响供应商的销售业绩和持股价值。
Without audited accounts until OpenAI becomes a public company, it’s run rate is the main outside signal on whether those bills get paid.
在 OpenAI 成为上市公司之前不会有经审计的财务报表，因此其年化运行率是判断这些账单能否支付的主要外部信号。
更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力