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This episode of Bulls vs Bears takes a deep dive into whether OpenAI is the genuine poster child of AI innovation or the face of an emerging AI bubble, using recent HSBC and Financial Times analysis to question the maths behind its $7 trillion infrastructure ambitions and funding model. The hosts contrast OpenAI’s growth-at-all-costs, consumer-focused strategy with Anthropic’s more disciplined, enterprise-focused approach, and explore broader risks across the AI and infrastructure ecosystem, including Nvidia, Oracle, TPUs vs GPUs, and the growing reliance on debt-funded data centre expansion. They also cover the Thanksgiving “Turkey trap” in markets, AI’s role in amplifying narrative-driven moves, shifts in ASX and commodity names, and signs of stress and structural change in China’s growth model.
Is OpenAI the poster child of AI innovation or an AI bubble? HSBC/FT numbers suggest a huge capex, power and monetisation shortfall even under Sam Altman’s most optimistic forecasts.
OpenAI vs Anthropic: consumer “free drinks for everyone” pricing and data grab compared with Anthropic’s higher-margin, privacy-focused enterprise LLM model that appears far more monetisation-ready.
Bubble risks in the wider AI stack: concerns over Nvidia’s rising inventories and unpaid chip bills, rumours and leverage worries around Oracle, and whether Google TPUs could erode Nvidia GPU dominance.
Macro and markets: Thanksgiving low-liquidity “Turkey trap” rally on recycled Fed cut headlines, extreme moves in small caps, and why the hosts see this as vulnerable to a sharp reversal.
Global cross-currents: ASX standouts like WiseTech and Ramsay, precious metals strength on a weaker USD, and worrying signals from China’s collapsing factory investment and softer coal/iron ore demand.
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