OpenAI burned $6.7bln on R&D with revenue of $4.3 bln in 1st half of 2025. And is planning on raising _trillions_ to build compute/storage for the next gen/AGI. How's this not a bubble?
I said private companies are another matter. The public ones are all funding it from cash flow not leverage and excessive debt which are the real hallmarks of an unsustainable bubble.