On Thursday, news that ChatGPT maker OpenAI was set to miss its annual revenue goal by a cool $20 billion sent stock markets into a tailspin. The tech-heavy Nasdaq index took the heaviest hit, falling 1.25 percent by the close of trading.
Of course, the stock market happily bounced back to a near-record high as soon as the markets opened on Friday, but the whole episode underscores how fragile the AI spending boom really is — and how little information we truly have from private AI labs which have no obligation to keep the public up to speed.
Perhaps jolted by the momentary slump, producers for Bloomberg TV‘s daily Open Interest broadcast brought on Joachim Klement, managing director and research analyst at investment bank Panmure Liberum.
As a financial analyst, Klement’s take on the AI economy has been notably grim — back in May, he penned an article in Reuters arguing that institutional investors shouldn’t be asking “whether the AI boom will end, but what will happen to markets when it does.” Now, his live interview on Bloomberg‘s flagship news channel underscores the degree to which the AI bubble is becoming impossible for mainstream commentators to ignore, even as some publications cite tech billionaires who insist the AI bubble is a myth.
