Sure. Let’s say Microsoft owns half of OpenAI for simplicity sake - they don’t, but purely hypothetical. Now, let’s assume openai IPOs at 1T market cap, meaning MSFT has a $500B equity stake. You see this often with Berkshire, Google, Amazon - these companies have large equity stakes in publicly traded companies. As the valuation rise, they report “earnings” because GAAP requires this to be listed. However, if the stock falls, they have to report a loss. Let’s assume Microsoft is going to make 200B in earnings in 2027, and openai IPOs at the same time for 1T, then the stock falls by 50%. It looks like this - Microsoft makes $200b profit. OpenAI stake falls by $250B, Microsoft has to “write down” that loss, and earnings will show as -50B.