[Analemma_]

That's not at all the same thing: social media has network effects that keep people locked in because their friends are there. Meanwhile, most of the people I know using LLMs cancel and resubscribe to Chat-GPT, Claude and Gemini constantly based on whatever has the most buzz that month. There's no lock-in whatsoever in this market, which means they compete on quality, and the general consensus is that Gemini 2.5 is currently winning that war. Of course that won't be true forever, but the point is that OpenAI isn't running away with it anymore.

And nobody's saying OpenAI will go bankrupt, they'll certainly continue to be a huge player in this space. But their astronomical valuation was based on the initial impression that they were the only game in town, and it will come down now that that's no longer true. Hence why Altman wants to cash out ASAP.