“OpenAI is a good example of the AI bubble.”

Industry Overview - AI models are becoming commoditized, similar to airlines [1] - The AI industry requires significant capital expenditure (capex) [1] - High capex and commoditized products may lead to weak profitability and low equity returns for AI companies [1] Company Specifics (OpenAI) - OpenAI is losing a lot of money [2] - OpenAI's business model relies on significantly raising prices to cover capex costs [2] - There is a risk that OpenAI may not be able to generate enough revenue to cover its capex [2] - OpenAI is presented as an example of the AI bubble [1]