
Jaime Sevilla
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Feb 13, 2026
Inside the economics of OpenAI (exclusive research)
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Jaime SevillaGUEST
Now, the raw profitability, the operating margins of a company are not necessarily what you want to look at when you are trying to assess whether the company will be profitable in the long term.

Jaime SevillaGUEST
As Asim alluded to earlier, Uber lost billions upon billions of dollars before they finally became profitable.

Jaime SevillaGUEST
And really, if you are an investment-minded person, when you are looking at a growing business, you do not look so much at how much profit they are turning.

Jaime SevillaGUEST
in their early years where they're still growing, but rather you will rather look at the gross profit that they're making at their gross margins and how the revenue is scaling year after year.

Jaime SevillaGUEST
So you can get a sense of after this initial phase of rapid growth, where the industry and the company will land at.

Jaime SevillaGUEST
Now, if you did that, then I have just said like, okay, they look to have made like a decent gross margin.
22 MINS LATER
H
27:07Hannah PetrovicGUEST
And I wonder at what point we can do most of the things we're doing now on our device.