-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：根據《華爾街日報》報道，OpenAI未能實現其內部設定的ChatGPT用戶目標（年底前未能達到10億週活躍用戶），營收也未達標。同時，Google的Gemini市佔率不斷擴大，而OpenAI在編碼和企業市場則被Anthropic蠶食。該公司面臨現金消耗加劇的困境，成長目標與財務紀律之間的平衡問題值得密切關注。財務長Sarah Friar表示，如果營收成長未能加速，公司將難以履行未來的運算合約。她也對執行長Sam Altman提出的年底前激進的IPO計劃有所保留，並強調首先需要加強內部控制。我們認為，如果營收目標未能實現，風險最大的公司將是ORCL/neocloud、晶片製造商和超大規模資料中心（微軟、亞馬遜）。任何IPO的重大延遲都可能對人工智慧基礎設施公司產生負面影響，但我們也注意到，人工智慧的成長是由OpenAI以外的眾多參與者所推動的。鑑於 OpenAI/Anthropic 最近引發的競爭擔憂，SaaS 供應商可能會對這一消息做出積極反應。
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