Investing Outside Big Tech, Oil Prices Rally, Powering AI Infrastructure 10/8/26

AI capex demand is reshaping bond yields and oil markets even as OpenAI's murky private revenue accounting briefly spooked the broader AI trade.

• OpenAI revenue discrepancy: Sources confirm OpenAI's annualized revenue is now reported at $50 billion, about $20 billion below the ~$68-70 billion previously cited, after stripping out gross cloud-partner revenue; news briefly hit the Nasdaq amid a $30 billion fundraise at a $1.4 trillion valuation.
• Mahaney still bullish, picks Amazon: Evercore's Mark Mahaney says AI growth concerns are overblown, cites Amazon's $138B/8-year OpenAI-AWS commitment, a Project Leo satellite launch in Q4, and an expected flip to positive free cash flow by 2027; prefers Amazon over Meta (post 40% rally) and Google.

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