I shared this note earlier today with the entire team at Opendoor. Today we began to say goodbye to our colleagues in India as we wind down our India operations. Our customers are in America, and that's where our operational work belongs.

WATCH | Delhi | Efforts underway to douse the fire on the second floor of the Ministry of Education office, Vikas Marg.

🚨 DOT-COM 2.0 IS ALREADY HERE A $2 trillion AI economy built on the same dollars being passed in a circle I'm not being dramatic. The accounting trick is right there in the filings The scariest part? It's all 100% legal Here's how it works: A tech giant gives an AI startup billions in "investment." The contract forces that startup to spend the exact same money renting servers from… the tech giant. The tech giant then books that server usage as brand new "cloud revenue." Translation: they're paying themselves with their own money and calling it a sale. Look at Microsoft and OpenAI. Microsoft "invested" $13 billion in OpenAI. Most of it never left Microsoft - it was cloud credits that could only be spent on Microsoft servers. OpenAI used those credits to train its models. Microsoft turned around and recorded that exact spend as new cloud revenue That's why OpenAI's annual cloud bill is now $60 BILLION For a company doing only $25 BILLION in actual revenue It's not a customer. It's a recycled funding loop Anthropic runs the exact same script: $2.66 billion paid to AWS in 9 months - basically 100% of everything Anthropic earned. And it gets worse Every time these AI startups raise at a higher valuation, the tech giants mark up their equity and book the paper gain as PROFIT. Q1 2026: ➮ Alphabet reported $62.6B in profit. $28.7B of it (nearly half) was just a paper markup on Anthropic. ➮ Amazon reported $30.3B in profit. $16.8B of it was the same Anthropic paper gain. While Amazon was reporting record profits, its actual free cash flow collapsed 95% to just $1.2 billion Because they had to spend $44.2 BILLION in REAL money building data centers Real cash going out. Paper "profits" coming in Now here's where it gets dangerous: ➮ Microsoft has 49% of its $627 billion future backlog tied to OpenAI alone ➮ Oracle has 54% of its $553 billion pipeline depending on OpenAI alone Trillions of dollars of "demand" resting on one or two unprofitable startups If this all sounds familiar, it should This is 2001 all over again Back then, Global Crossing and Qwest swapped identical fiber-optic capacity with each other just to book fake sales Qwest had to erase $1.4 billion in fake income Global Crossing went bankrupt The only difference between then and now? The dot-com swaps were illegal Today's AI loop is fully legal under current accounting rules That's not a comfort. That's a warning Legal doesn't mean safe. It just means nobody can stop it before it blows up And here's the part most people don't realize: Every 401k, every index fund, every retirement account in America is being forced to buy more of these tech stocks every month. The loop inflates the stock prices The funds chase the prices The chase inflates them further Until the day the music stops and there's no real cash underneath. Don't worry though - my system flags the exact moment the market shifts from caution to DANGER. You'll be warned before it hits, like always. All you need to NOT miss my next call is to keep NOTIFS ON

In short, we're cooked... Listen to Indian Express Senior Associate Editor Udit Misra.

South India controlled its population. South India educated its women. South India built its hospitals. South India industrialised. South India pays more into the national treasury than it receives back. By every metric of responsible governance, South India did everything right. And Bill No. 107 of 2026 is the result. • Fewer seats in Parliament. • No constitutional protection in the Bill’s text. • Boundaries redrawn by a Commission with no Southern representation. If following the rules, building your state, controlling your population and paying your taxes leads to THIS. What exactly are we teaching the next generation of states about what India rewards? (7/8)