⚠️ The great inversion has started

Sam Altman just said the quiet part out loud and it’s the one thing Wall Street still refuses to price in.

A leaked November memo shows OpenAI warning employees of “rough vibes” and revenue growth potentially collapsing toward 5%.
This was before Google detonated Gemini 3.0 on November 18.
In the same memo, Altman praised Google’s “excellent work” and declared a shift to full wartime mode.

Here’s the structural truth everyone is dancing around:

• OpenAI sits on a $500B valuation
• Revenue > $20B this year
• Projected $8B burn in 2025
• Internal forecasts