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Microsoft Filing Reveals $11.5B OpenAI Loss

Microsoft (NASDAQ: MSFT) disclosed a $3.1 billion reduction to quarterly net income from its OpenAI investment for the three months ended September 30, 2025, which implies OpenAI lost roughly $11.5 billion in the period based on Microsoft’s 27% ownership.

The impact was also $0.41 off diluted EPS, according to Microsoft’s fiscal Q1 FY2026 materials.

Microsoft accounts for OpenAI under the equity method, which means Microsoft’s income statement reflects its proportionate share of OpenAI’s profit or loss. The company’s filing further shows $4.1 billion flowing through other income and expenses tied to investments in the period, reinforcing the scale of the drag.

You can read more on the matter here.

What’s going on?

• G7 Unlocks $6.4B For Critical Minerals; Ottawa Leads Stockpiles (theDeepDive)

• Canada collected $3B from U.S. counter-tariffs before a majority were dropped (CBC)

• China Eases Chip Ban, US Restricts Nvidia Blackwell (theDeepDive)

• Ottawa to unveil draft stablecoin legislation in budget, sources say (Globe)

• Gold Is Not Rising. Confidence Is Collapsing | Todd “Bubba” Horwitz (theDeepDive)

• Carney to Unveil Debt-Fueled Budget to Revamp Canada’s Economy (Bloomberg)

• $4,300 Gold Is Topping, Bitcoin Will Spark the Next Recession!? | Mike McGlone (theDeepDive)

• Russia looks to cosy up with China after Trump’s meeting with Xi (CNBC)

• Ottawa Approves $9.1B Takeover Of Parkland By Texas Firm (theDeepDive)

• U.S. to Pay Partial SNAP Benefits During Shutdown (WSJ)

What’s the latest?

• Tech: Microsoft signed a $9.7 billion, five-year deal with data-center operator IREN to access Nvidia GB300 chips and boost AI computing power without building new facilities. The agreement includes $5.8 billion in Nvidia hardware supplied via Dell and aims to ease Microsoft’s AI capacity crunch, now expected to last until mid-2026. IREN shares surged over 20% following the announcement, raising its market value to $16.5 billion with 2,910 MW of renewable-powered capacity across North America.

• Markets: U.S. stocks rose Monday, with the S&P 500 up 0.4%, nearing its record high, while the Nasdaq gained 0.9% and the Dow slipped 34 points. Nvidia and Palantir led tech gains, while Kimberly-Clark fell after announcing a deal to buy Kenvue, whose shares jumped 19%. Microsoft’s $9.7B AI deal with IREN sent IREN up 22%. Globally, South Korea’s Kospi hit a record, European markets rose modestly, and gold traded at $4,020/oz, below recent highs.

• Politics: New York Attorney General Letitia James and 20 other state AGs sued the Trump administration over a new rule narrowing eligibility for the Public Service Loan Forgiveness (PSLF) program. The rule redefines “qualifying employers,” excluding groups accused of “unlawful activities.” Critics call it a political loyalty test, while the Education Department defends it as “commonsense reform.” The PSLF program, covering over 9 million potential borrowers and $1.6T in student debt, has already forgiven loans for 1M people under Biden.

• AI: OpenAI signed a $38 billion deal with Amazon Web Services to access Nvidia GPUs and expand its AI infrastructure in the U.S. The partnership ends OpenAI’s reliance on Microsoft, which has invested $13 billion and will still supply $250 billion in Azure services. Amazon shares rose 5% after the announcement, with AWS reporting 20% YoY growth versus Microsoft’s 40% and Google’s 34%. The seven-year deal supports both training and inference for frontier models, signaling OpenAI’s preparation for an eventual IPO.

• Tesla: The NHTSA ordered Tesla to hand over records by Dec. 10, 2025, as part of an investigation into defective flush-mounted door handles on 2021 Model Y vehicles. Regulators cited 16 reports of inoperative handles due to low 12V battery power, with incidents of people — including children — trapped inside cars. Tesla faces fines of up to $139 million for noncompliance. The probe covers Model Y and Model 3 units from 2017–2022, amid global scrutiny and China’s move to tighten safety standards.

Gold Is Not Rising. Confidence Is Collapsing

The stock market and stuff

• New Gold To be Acquired By Coeur Mining For US$7 Billion (theDeepDive)

• Kimberly-Clark Strikes $40 Billion Deal for Tylenol Maker Kenvue (WSJ)

• IAMGOLD: The Quebec Buying Spree (theDeepDive)

• OpenAI strikes $38bn computing deal with Amazon (FT)

• Prospector Metals Sees B2Gold Increase Stake To 17.2% (theDeepDive)

In the juniors

• Founders Metals Sees Gold Fields Take $50 Million Stake In Company (theDeepDive)

• We Don’t Need $5,000 Gold Yet | Sean Roosen – Osisko Development (theDeepDive)

• PMET Resources: Lithium Feasibility Study Sees Economics Tumble (theDeepDive)

• The Decade Gold Miners Have Been Waiting For. | Frank Callaghan – Golden Cariboo (theDeepDive)

• Altamira Gold Adds Second Drill Rig To Ongoing Exploration Program Targeting Gold Porphyry’s (theDeepDive)

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