An OpenAI Bubble Is Not an AI Bubble

The OpenAI bubble was inflated thanks to the company’s first-mover advantage from the almost accidental success of ChatGPT. That launch, OpenAI’s first huge viral moment, made it the fastest-growing consumer tech product in history — 100 million users within two months. Extraordinary sums of venture capital followed, and the company is now worth $852 billion. Quickly placed on its shoulders was the fate of the industry.

By Dave Lee