JUST WHEN I THINK WE MIGHT NOT BE IN A BUBBLE, I SEE A STORY LIKE THIS ONE: OpenAI Is Sustaining Enormous Losses. “The ChatGPT maker told investors Tuesday that its operating losses in the third quarter topped $10.9 billion, up from $10.1 billion in the previous one. That’s striking because the company actually grew its revenue by around 50 percent from the second to the third quarter, per the The Wall Street Journal, though it wasn’t enough to offset its astonishing expenses — illustrating just how steep of a gap it still has to close to achieve profitability.”

Then again: “The AI business behind Grok – which SpaceX has now renamed Super Intelligence – has become SpaceX’s biggest business. In Q3 2026 it generated $7.56 billion of revenue, nearly triple the previous quarter and around nine times the same quarter last year, and swung to an operating profit of $431 million.”