Three years ago, on November 30, 2022, OpenAI quietly released ChatGPT, a conversational AI model that would rapidly redefine the landscape of technology, business, and even geopolitics. Today, it remains a top free app on Apple’s platform, but its impact extends far beyond downloads. ChatGPT catalyzed a surge in generative AI development and fundamentally altered market dynamics.
The Rise of AI Dominance
The speed of ChatGPT’s ascent has been startling. Author Karen Hao argues that OpenAI now wields influence exceeding that of many nation-states, rewriting global power structures and the very fabric of daily life. This isn’t hyperbole; the AI boom is reshaping industries, creating both unprecedented opportunity and widespread uncertainty.
As journalist Charlie Warzel observes, we now live in “the world ChatGPT built”—a world characterized by instability and a constant sense of waiting for the next disruption. This impacts everyone: young people entering an unpredictable job market and older workers facing obsolescence of their skills. The future, for many, feels unwritten.
Financial Implications: Nvidia Leads the Charge
The financial markets have responded dramatically. Nvidia’s stock has skyrocketed 979% since ChatGPT’s launch, becoming the most obvious beneficiary of the AI revolution. But the gains are not limited to one company. The top seven firms on the S&P 500—Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, and Broadcom—are now heavily AI-driven, collectively accounting for almost half of the benchmark’s 64% increase over the last three years.
This concentration of growth has made the market more top-heavy. The seven giants now represent 35% of the S&P 500’s weighting, up from roughly 20% three years ago. This suggests that gains in the stock market have become increasingly dependent on the performance of a few major tech players.
Bubble Concerns and Future Outlook
Despite the boom, skepticism is rising within the industry itself. OpenAI CEO Sam Altman and Sierra CEO Bret Taylor both acknowledge the possibility of an AI bubble, comparing it to the dot-com crash of the late 1990s. Altman bluntly stated that “someone is going to lose a phenomenal amount of money in AI.”
However, Taylor remains optimistic, predicting that AI will fundamentally transform the economy—just as the internet did—and create long-term economic value. Whether this optimism is justified remains to be seen. The next three years will likely determine whether the current AI fervor is a sustainable revolution or a fleeting mania.
The rapid evolution of AI means that its final form is still unknown, leaving investors and observers alike in a state of cautious anticipation.
