Part 8/15:
The core revenue model—selling "utility tokens"—approximates a commoditized service where costs are enormous, and margins are thin. The analogy of AI companies selling electricity is revealing: as marginal costs approach zero with increased scale, traditional revenue mechanisms collapse. If AI becomes as ubiquitous and cheap as electricity, OpenAI's current revenue streams will struggle to sustain its debts, especially as its costs for compute, data centers, and research skyrocket.