Although still private, the shadow of OpenAI and its still-unprofitable business despite the blockbuster success of ChatGPT has rattled markets throughout the back half of 2025. Talk of a bubble in artificial intelligence (AI) was not quelled despite Nvidia delivering yet another blockbuster quarter in November. The question remains about how OpenAI will balance ChatGPT’s seemingly endless desire, on the one hand, for “compute,” provided by data centers sprouting throughout the economy, with a business model that takes it from the red into the black. This is the same question that OpenAI CEO Sam Altman answered in a single exasperated word in a recent podcast appearance: “Enough.”

The investment bank HSBC, while clarifying that it still believes AI is a “megacycle” and that its forecasts

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