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AI labs are adopting a form of 'financial engineering' by excluding massive training costs from profitability calculations. This model treats the primary cost of the business as a secondary expense.

Impact: May lead to volatility during IPOs as public markets apply standard accounting practices to these non-recurring costs.

— from The AI Arms Race: Revenue Surges and Policy Shifts · The AI Daily Brief (Formerly The AI Breakdown): Artificial Intelligence News and Analysis· Apr 08, 2026