OpenAI's July revenue topped all of Q2.

https://www.cnbc.com/2026/07/29/openai-cfo-sarah-friar-tells-employees-arr-in-july-topped-all-of-q2.html >In an internal meeting with employees on Wednesday, finance chief Sarah Friar and board chair Bret Taylor touted OpenAI’s revenue growth and addressed competition with Anthropic, CNBC has learned. Friar said OpenAI’s annualized recurring revenue in July exceeded the entire second quarter. >“And Q2 was no slouch,” Friar said, according to a partial transcript of the meeting that was reviewed by CNBC. >Friar and Taylor said momentum was driven by the release of the company’s GPT-5.6 series of models, its new enterprise agent called ChatGPT Work, and growing adoption of its AI coding tool, Codex. one month of revenue exceeds the previous 3 months combined. That's quite unprecedented. This is super bullish for Microsoft, who gets revenue sharing from OpenAI, sells Azure capacity to them, and also owns a large stake. Positions: Long microsoft @ $356/share cost basis