$Microsoft(MSFT.US) On one hand, they're hyping OpenAI's IPO, on the other hand, they're hyping the collapse of OpenAI's ecosystem - taking whatever narrative suits them. First it was the AI bubble hype, using Oracle as OpenAI's vanguard to smash through with cyclical financing. Of course, there were reasons for this, but now that AI has proven to be real demand, the AI bubble narrative can't continue, so they've switched to the OpenAI profitability crisis narrative. Yet they still won't give up the OpenAI IPO theory. Wait until the day when the main hype becomes the OpenAI IPO theory - Microsoft and Oracle's OpenAI affiliates will immediately become today's HBM memory sector.