OpenAI is opening up retail investing; computing power shortages are the biggest bottleneck
1. Revenue Structure and User Behavior
1. User Segmentation and Conversion
Among 900 million weekly active users, 95% are free users
Paid users engage 11 times more than free users
The deeper the user understanding, the higher the engagement and willingness to pay
2. Changes in Revenue Structure
The current ratio of consumer to enterprise business is 6:4
Enterprise business is growing rapidly and is expected to catch up to consumer business by the end of 2026
Advertising pilot launched for 8 weeks, with annualized revenue exceeding $100 million
3. Advertising Business Model
Ads are matched to conversational intent rather than selling user data
Emphasizes that ads do not affect model response quality
Currently expanding from the US to Canada, New Zealand, and Australia
2. Enterprise AI Products and Ecosystem
1. Codex Programming Tool
Weekly active developers reach 4 million, with rapid growth
Showcases real application scenarios for Agents
The CFO personally uses multiple agents to handle financial tasks
2. Three-Tier Enterprise Product System
API Integration Layer
ChatGPT Enterprise Deployment Layer
Frontier Platform (complete AI transformation solution)
3. Industry Penetration Cases
Banking clients include BNY, BBVA, and others
Successful companies feature: CEO involvement with clear strategic focus
3. Computing Power Strategy and Capital Planning
1. Current Supply and Demand for Computing Power
Computing power planning is done on a ten-year basis
By 2026, there will again be a shortage of computing power
Demand shows a “vertical ascent” trend
2. Supply Chain Diversification
Expanding from a single supplier to multi-cloud and multi-chip combinations
Cloud service providers include Microsoft, Oracle, Amazon AMZN, Google, etc.
Chip collaborations include Nvidia, AMD, and Cerebras
3. Capital Operations
Completed $122 billion financing, with a valuation of $852 billion
Investment in computing power is key to maintaining the “data-model-product-revenue” flywheel
4. Technological Evolution and AGI Outlook
1. Vertical Domain Models
Released GPT-Rosalind, focusing on the life sciences sector
Collaborating with biotech companies like Amgen and Moderna
AI is expected to shorten drug development cycles from ten years to one or two years
2. Path to AGI Development
AGI is a gradual process, not a sudden switch
Work scenarios are transitioning to a “human + agent” hybrid model
The job market will see disruption, enhancement, and new creation coexisting
5. Retail Investment Channels
1. RVI Fund Features
A closed-end fund under Robinhood, code RVI
Listed on the NYSE on March 6, 2026
No qualified investor thresholds, no performance fees
2. Investment Composition
Purchased $75 million of OpenAI common stock on April 17, 2026
The fund also includes 10 unicorns like Airwallex and Databricks
OpenAI actively chose this channel to open up to retail investors
Core Conclusion:
OpenAI is at a critical juncture, shifting from a purely consumer subscription model to a diversified revenue structure, with advertising and enterprise services becoming new growth engines. Despite facing hard constraints of computing power shortages, the company ensures long-term development through $122 billion in financing and supply chain diversification. Retail investors gain access through channels like the RVI fund, reflecting the trend of AI assets becoming mainstream. Potential risks include underwhelming computing construction, advertising impacting user experience, and ethical and regulatory challenges brought by AGI development.
1. Revenue Structure and User Behavior
1. User Segmentation and Conversion
Among 900 million weekly active users, 95% are free users
Paid users engage 11 times more than free users
The deeper the user understanding, the higher the engagement and willingness to pay
2. Changes in Revenue Structure
The current ratio of consumer to enterprise business is 6:4
Enterprise business is growing rapidly and is expected to catch up to consumer business by the end of 2026
Advertising pilot launched for 8 weeks, with annualized revenue exceeding $100 million
3. Advertising Business Model
Ads are matched to conversational intent rather than selling user data
Emphasizes that ads do not affect model response quality
Currently expanding from the US to Canada, New Zealand, and Australia
2. Enterprise AI Products and Ecosystem
1. Codex Programming Tool
Weekly active developers reach 4 million, with rapid growth
Showcases real application scenarios for Agents
The CFO personally uses multiple agents to handle financial tasks
2. Three-Tier Enterprise Product System
API Integration Layer
ChatGPT Enterprise Deployment Layer
Frontier Platform (complete AI transformation solution)
3. Industry Penetration Cases
Banking clients include BNY, BBVA, and others
Successful companies feature: CEO involvement with clear strategic focus
3. Computing Power Strategy and Capital Planning
1. Current Supply and Demand for Computing Power
Computing power planning is done on a ten-year basis
By 2026, there will again be a shortage of computing power
Demand shows a “vertical ascent” trend
2. Supply Chain Diversification
Expanding from a single supplier to multi-cloud and multi-chip combinations
Cloud service providers include Microsoft, Oracle, Amazon AMZN, Google, etc.
Chip collaborations include Nvidia, AMD, and Cerebras
3. Capital Operations
Completed $122 billion financing, with a valuation of $852 billion
Investment in computing power is key to maintaining the “data-model-product-revenue” flywheel
4. Technological Evolution and AGI Outlook
1. Vertical Domain Models
Released GPT-Rosalind, focusing on the life sciences sector
Collaborating with biotech companies like Amgen and Moderna
AI is expected to shorten drug development cycles from ten years to one or two years
2. Path to AGI Development
AGI is a gradual process, not a sudden switch
Work scenarios are transitioning to a “human + agent” hybrid model
The job market will see disruption, enhancement, and new creation coexisting
5. Retail Investment Channels
1. RVI Fund Features
A closed-end fund under Robinhood, code RVI
Listed on the NYSE on March 6, 2026
No qualified investor thresholds, no performance fees
2. Investment Composition
Purchased $75 million of OpenAI common stock on April 17, 2026
The fund also includes 10 unicorns like Airwallex and Databricks
OpenAI actively chose this channel to open up to retail investors
Core Conclusion:
OpenAI is at a critical juncture, shifting from a purely consumer subscription model to a diversified revenue structure, with advertising and enterprise services becoming new growth engines. Despite facing hard constraints of computing power shortages, the company ensures long-term development through $122 billion in financing and supply chain diversification. Retail investors gain access through channels like the RVI fund, reflecting the trend of AI assets becoming mainstream. Potential risks include underwhelming computing construction, advertising impacting user experience, and ethical and regulatory challenges brought by AGI development.