Claude Code · Sam Altman · OpenAI · Claude · Amazon · U.S. · Axios
The intrigue: Even OpenAI CEO Sam Altman has acknowledged the new concerns
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Reality check: The companies sounding the alarm are the early adopters.
Key facts
- The third phase, currently gaining steam across Corporate America, questions whether AI's immense power is worth the price
- Wall Street got a fresh reminder Friday of how much AI optimism is baked into markets
- The intrigue: Even OpenAI CEO Sam Altman has acknowledged the new concerns, calling the question of whether AI spending will show up in revenue "the most fair criticism" of the moment
- The AI bubble debate has lurched through at least three frenzied phases in the span of three years
Summary
The AI bubble debate has lurched through at least three frenzied phases in the span of three years:. The first phase doubted the technology. The case against AI used to come from outsiders, Luddites, "doomers," short sellers betting on a crash. Uber capped employee AI usage after burning through its annual Claude Code budget in four months. Amazon shut down an internal token leaderboard after employees gamed it with throwaway tasks to climb the rankings.