On November 30, 2022, OpenAI unveiled ChatGPT, describing it simply as a conversational AI model.
Since its debut, ChatGPT has dramatically reshaped both the technology and business landscapes. Its widespread adoption has kept it at the top of Apple’s free app charts, and it has sparked a surge of new generative AI tools across industries.
Interestingly, ChatGPT’s influence has even led to playful suspicion toward punctuation like the em dash—though some remain loyal to their favorite marks.
According to Karen Hao, author of “Empire of AI,” OpenAI’s influence now surpasses that of most countries, fundamentally altering global politics and daily life.
Charlie Warzel, writing for The Atlantic, observes that we now inhabit a world shaped by ChatGPT—one marked by uncertainty and a constant sense of anticipation for what might come next.
Warzel notes that younger generations, facing graduation, are warned that traditional career paths may no longer exist, while older workers are told their hard-earned skills could soon be outdated.
Despite these anxieties, some view the AI-driven future with hope, anticipating significant rewards. Yet, as Warzel points out, even the most enthusiastic AI investors are waiting to see if their investments will succeed, acknowledging that generative AI is always evolving and never truly finished.
Bloomberg has highlighted the profound changes ChatGPT has brought to financial markets. Nvidia has emerged as a standout, with its stock soaring 979% since ChatGPT’s release. Other tech giants—Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, and Broadcom—have also seen substantial gains, together accounting for nearly half of the S&P 500’s 64% growth since ChatGPT launched.
This surge has led to a market increasingly dominated by these few companies. Currently, they make up 35% of the S&P 500’s total weighting, up from about 20% three years ago.
The longevity of this rapid growth is uncertain. Except for Nvidia CEO Jensen Huang, many AI leaders now admit that the industry may be experiencing a speculative bubble—or “mania.”
OpenAI CEO Sam Altman remarked at a dinner with journalists in August that, “Someone is going to lose a phenomenal amount of money in AI.”
Bret Taylor, CEO of Sierra and chair of OpenAI’s board, echoed this sentiment, likening the current climate to the dot-com bubble of the late 1990s. He predicted that while some companies may not survive, AI will ultimately revolutionize the economy and generate immense value, much like the internet did.
In just a few years, we may discover whether this optimism was justified.