The AI stock market boom has rewritten the rules of Wall Street. Since ChatGPT’s launch in 2022, AI-related stocks have driven roughly 75 percent of the S&P 500’s total returns, with Nvidia's gains accounting for 18 percent just this year. But listen closely to AI evangelists like OpenAI CEO Sam Altman and those market gains are less about the value this transformative technology has unleashed and more about a bet on infrastructure spending. "Why don't we just make more GPUs?" economist Tyler Cowen asked him. Altman's answer: "Because we need to make more electrons."

OpenAI is pushing for 100 gigawatts of new U.S. energy capacity annually—the equivalent of building 100 nuclear reactors every year—while it reportedly lost $12 billion in Q3 2025 alone. Yet AI true believers insist the fu

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