“Are we in a phase where investors as a whole are overexcited about AI? My opinion is yes,” Altman said in mid-August , adding that, “When bubbles happen, smart people get overexcited about a kernel of truth.” OpenAI has a $500 billion valuation , so Altman can admit he’s surfing a bubble while still raising its tide.The question isn’t whether AI changes everything — it’s whether the economics of that change can keep up with the marketing. The last great bubble gave the world broadband, smartphones, and tri ...