"OpenAI, for example, is worth hundreds of billions of dollars, but it's pretty hard to buy a share in it. It's not publicly traded. That's just the valuation you get when they get new investors from venture and elsewhere. One sense that's enormous I mean, Goldman Sachs has been built up over a century, and OpenAI, which was built up over the last decade, is more valuable than Goldman Sachs."
"Five years ago, basically zero percent of the world was using it, and now 10 percent of the world is using it. Now, a much smaller percentage of the world is actually paying for ChatGPT. And that's the big question. Is, one, is 6, 7 and 8 going to be a continued things like iPhones have become where there's small design changes and the camera gets better."
OpenAI’s private valuation reaches hundreds of billions, exceeding long-established firms like Goldman Sachs despite being built over a decade. ChatGPT adoption jumped from near zero to roughly 10 percent of the world, though far fewer users pay for the service. Future model improvements could be incremental like smartphone upgrades or profoundly transformative like earlier AI leaps. Economic value depends not just on technological innovation but on firms’ ability to capture profits. If large language models become commoditized and largely identical, pricing will approach marginal delivery costs. Investor psychology and market vibes strongly influence valuations. The scale of change remains uncertain.
Read at www.nytimes.com
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