A company with a chatbot that often gets things wrong is somehow about to become the largest unicorn earth has ever seen. That does feel frothy.

Many fears of an AI bubble had hit a fever pitch at the start of this year when Chinese start-up DeepSeek released a competitive reasoning model.

Sam Altman says AI might be in a bubble—then touts trillions for OpenAI’s buildout. Call it the paradox powering Silicon Valley’s biggest spending spree.