🚨 THE $3.5 TRILLION FRAGILE FORTRESS

I spent 6 months analyzing leaked OpenAI documents, FTC filings, and restructuring footnotes.

What I found changes everything about Microsoft.

OpenAI spent $12.4 BILLION on Azure in 2024-2025.

Their revenue: $4.3 billion.

Read that again.

They're burning $2.20 to make $1.00.

Microsoft books this as "AI cloud growth."

The FTC calls it "circular financing."

I call it a financial ouroboros eating its own tail.

But here's the bombshell nobody is talking about:

Page 47 of the October 2025 restructuring docs:

"Microsoft's exclusive cloud provider status has been modified to preferred partner status."

EXCLUSIVE IS DEAD.

The $500B Stargate project? Running on Oracle Cloud.

Oracle's backlog just hit $523 BILLION.

Up 438% in one year.

The entire Microsoft AI premium was built on exclusivity that NO LONGER EXISTS.

Meanwhile:

→ Custom Maia chips delayed to 2026 → GPU depreciation hiding $18B in annual costs → 5 regulators circling with $25B exposure → Security culture deemed "inadequate" by federal review board

At 35x earnings, there is ZERO margin for error.

PREDICTION:

By July 1, 2026, Microsoft announces accelerated depreciation. EPS drops 10-15%.

Every sovereign wealth fund I brief is repositioning.

The smart money sees it.

Do you?

Bookmark this.

The arithmetic is merciless.

NFA DYOR - Read the full deep dive analysis here -