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AI's capex cycle is becoming a test of financing endurance, not just technical ambition. FT puts OpenAI's expected 2026-2030 compute and infrastructure spend near $856B, alongside roughly $278B in cumulative negative free cash flow. Revenue rising from about $36B to $350B would be extraordinary, but execution matters: if demand or funding lags, today's scale advantage could become tomorrow's balance-sheet constraint. NFA. #AICapExPushContinues