Bill Gurley's… — Contested · resolves 2026-09-15
Bill Gurley's… — Contested · resolves 2026-09-15
The call
Bill Gurley's circular-financing critique turns on a checkable accounting fact: whether Microsoft's FY2026 filings show OpenAI credits converting into Azure revenue. Gurley says they do; Satya Nadella says they do not. One of them is wrong.
Sources
BG2 Pod (Brad Gerstner + Bill Gurley)
「there's like six different transactions that have …」
BG2 Pod;受訪者 Sam Altman(OpenAI CEO)+ Satya Nadella(Microsoft CEO)本人
「our investment of... 13 and a half which was all t…」
The receipt
Check Microsoft's FY2026 10-K, or a subsequent 10-Q, for revenue-recognition or related-party notes: an identifiable disclosure of how OpenAI-related revenue or credits are accounted for settles the call; no identifiable disclosure makes it unresolvable.
Resolves
Sep 15, 2026
Outcome
Not due yet — no public outcome to report.
What we learned
Not resolved yet — here is the condition we pre-committed to that would overturn this call (check it yourself, you don't have to wait):
If the filing notes confirm the credits are not booked as Azure revenue, Gurley's claim about Microsoft specifically fails and Nadella's account holds; confirmation that they are booked as revenue reverses that.
