[Report Warns of Severe Financial Black Hole at OpenAI: Potential to Trigger AI Chain Collapse] According to a report by Jinse Finance on July 20, citing Fast Technology, the global AI investment frenzy is in full swing. However, renowned analyst Ed Zitron recently issued a warning, pointing directly to the heavy debt burden of AI leader OpenAI. He cautioned that if OpenAI were to declare bankruptcy, it could trigger a series of chain reactions, potentially becoming the fuse that bursts the AI bubble. Ed Zitron, in collaboration with the *Financial Times*, verified OpenAI's 2025 audited financial statements, which reveal that OpenAI's total revenue in 2025 surged from $3.7 billion the previous year to $13.07 billion. However, during the same period, total costs and expenses reached $34 billion, resulting in an operating loss of approximately $21 billion for the year. After accounting for a massive one-time non-cash expense incurred during its transition from a non-profit organization to a for-profit entity (estimated by various sources to be between $30 billion and $41.6 billion), OpenAI's final net loss for 2025 amounted to a staggering $38.53 billion. OpenAI is one of the largest buyers of NVIDIA's data center GPUs and a key client of cloud service providers such as Oracle and CoreWeave. Additionally, SoftBank has pledged investments of up to tens of billions of dollars in OpenAI. If OpenAI fails to pay its infrastructure partners on time in the future, the impact will immediately ripple through these companies. Zitron further pointed out that if the AI investment boom subsides, memory demand will significantly decrease. The current shortage of HBM (High Bandwidth Memory) is largely driven by the massive demand for AI training and inference. Memory giants such as Samsung, SK Hynix, Micron, and SanDisk have all shifted production capacity toward HBM, squeezing out traditional DRAM and NAND flash memory production. If OpenAI reduces its compute power investments or halts expansion, the decline in GPU demand will directly affect HBM, potentially ending the memory chip shortage. These giants could be forced back to their original positions, and the entire industry landscape may face a major reshuffle.