The company building artificial general intelligence is audited by Fontanello, Duffield & Otake … a boutique firm with 12 employees designed for nonprofits.

This matters because Michael Burry just exposed the structure: OpenAI reports $3.7 billion in 2024 revenue while Microsoft invests $13 billion, then OpenAI buys Azure compute from Microsoft, which purchases Nvidia chips, inflating both their revenues. IRS filings confirm the same small auditor through 2022 with no public upgrade since.

The numbers tell the story.

Nvidia’s 2025 earnings show 45% of sales going to three hyperscalers who are simultaneously OpenAI’s investors and customers. When you map the actual money flows, over 85% traces back through these closed loops. Strip away the circular transactions and organic end-user demand appears to be under 1% of the reported ecosystem.

98% of S&P 500 companies use Big Four auditors specifically because boutique firms lack capacity to detect fraud at scale. OpenAI converted to for-profit status in October 2025, bypassing Sarbanes-Oxley requirements entirely. No SEC oversight. No mandatory independent verification of revenue sources.

Here’s what breaks:

The AI sector now represents $10 trillion in market value built on $1.4 trillion in announced infrastructure spending. These commitments depend on revenue growth that may be accounting artifacts rather than genuine demand. If Q4 2025 earnings show Microsoft or Nvidia deriving more than 50% of growth from these circular arrangements, probability of systemic correction jumps to critical mass.

A 20% demand shock cascades through network dependencies to generate 50% sector valuation collapse. This isn’t theory … it’s basic network mathematics applied to the documented ownership and transaction structures.

Verify yourself:

IRS Form 990 filings through 2022 list Fontanello explicitly at http://projects.propublica.org/nonprofits

OpenAI’s trust portal confirms only SOC2 operational controls, not financial audit scope. No Big Four announcement exists in any public disclosure.

The 2008 financial crisis happened because complex instruments hid circular risk. This is the same architecture in silicon. The difference is these companies are building the infrastructure that’s supposed to power the next century.

When the auditor checking half-trillion-dollar valuations has twelve employees, either everyone else is wrong about audit requirements or we’re watching the setup for the largest market correction in technology history.

The math doesn’t lie. The structure is documented. And nobody’s asking the obvious question until now.​​​​​​​​​​​​​​​

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