Microsoft reported earnings for the quarter ended Sept. 30 on Wednesday after market close and buried in its financial filings were a couple of passages suggesting that OpenAI suffered a net loss of $11.5 billion during the quarter. Let's look first at page 9 of the official earnings filing with the US Securities and Exchange Commission, which includes the following passage: That second sentence is important. This isn't mark-to-market accounting, where it takes the presumed value of the investme...