OpenAI’s valuation issue is not a referendum on whether AI is useful. AI is obviously INCREDIBLY useful. The mistake is assuming “useful” automatically means every equity claim attached to the AI trade deserves an absurd multiple.
That is the camp I’m in. AI can be real and in a bubble at the same time. It is clear the demand for AI compute is insatiable, and likely will be orders of magnitude higher in the future. The question is what those tokens are ultimately worth if inference becomes a commodity business priced around energy cost, hardware depreciation, and a reasonable gross margin. I look at it like bitcoin mining, the markets seem to see it more like big tech.