On November 30, 2022, OpenAI introduced ChatGPT, a product described as a model capable of interacting conversationally. This launch is widely regarded as a transformative moment for the business and technology sectors, sparking a global surge in generative AI development. Its influence extends far beyond tech alone. Author Karen Hao argues that OpenAI has become more powerful than many nation-states, actively reshaping geopolitics and human lives worldwide, hinting at even more dramatic shifts on the horizon.

Charlie Warzel, writing for The Atlantic, described the current era as “the world ChatGPT built,” defined by a unique precarity and a constant sense of anticipation. Younger generations now face increasingly unpredictable career paths, while older generations are warned that their previously valuable skills may soon lose relevance in a rapidly evolving future.

Even those optimistic about AI, investors, executives, and early adopters poised to benefit from an AI-driven world, share this same sense of waiting. Warzel notes that they not only anticipate the returns on their investments but also acknowledge a defining characteristic of generative AI: its state of perpetual evolution, a technology that is never final, never finished.

Beyond cultural and societal change, Bloomberg has highlighted ChatGPT’s profound impact on the financial markets. Nvidia has been the biggest beneficiary, with its stock soaring by a staggering 979% since the chatbot’s debut. The AI boom has also fueled massive gains for other major tech companies. The seven most valuable firms in the S&P 500, Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, and Broadcom, are all deeply tied to AI, and their combined growth accounts for nearly half of the S&P 500’s 64% increase since ChatGPT was launched.

This rapid acceleration has made the market significantly more top-heavy. The S&P 500, weighted by market capitalization, now sees these seven companies holding 35% of its total value, a sharp rise from about 20% just three years earlier.

Amid this meteoric rise, the question of longevity looms large. With the notable exception of Nvidia CEO Jensen Huang, it is becoming increasingly common for AI executives to openly acknowledge the possibility of an “AI bubble” or “AI mania.” In August, Sam Altman warned that “Someone is going to lose a phenomenal amount of money in AI.” Likewise, Sierra CEO and OpenAI board chair Bret Taylor echoed this concern, comparing the current moment to the dot-com boom of the late 1990s.

Still, Taylor remains optimistic about the long-term trajectory of artificial intelligence. While individual companies may fail, he predicts that “AI will transform the economy,” creating enormous economic value much like the internet did in earlier decades. Whether this optimism proves accurate and what AI ultimately means for markets and society, is expected to become clearer over the next three years, or possibly even sooner.