Bloomberg Opinion’s Dave Lee says an OpenAI bubble is not an AI bubble after Wall Street reaction to growth report

Bloomberg Opinion columnist Dave Lee argued that Wall Street's sharp reaction to a Wall Street Journal report on OpenAI missing internal growth targets, which sent shares of Oracle, AMD, and Broadcom down 3% to 5.5%, conflates the company's struggles with the broader AI industry's prospects. Lee wrote that ChatGPT's daily active user share of the U.S. chatbot market has fallen from 55.4% a year ago to 38.3%, per Apptopia, with Google's Gemini and Anthropic's Claude as the main beneficiaries, and that Anthropic has “out-executed OpenAI on enterprise use cases in deep-pocketed industries such as cybersecurity and law.” Lee added that “consumers are not turning their backs on generative AI; they just have more choice,” and pointed to OpenAI's reception of its Codex coding tool and a new $50B deal with Amazon's AWS as reasons for optimism.