According to TechCrunch, ChatGPT launched on November 30, 2022, with OpenAI initially describing it as just “a model which interacts in a conversational way.” Three years later, it’s still the number one free app on Apple’s App Store and has completely transformed both business and technology landscapes. The AI boom it sparked created massive stock market winners, with Nvidia’s stock surging 979% since launch. Seven major tech companies—Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, and Broadcom—now account for 35% of the S&P 500’s weighting, up from around 20% three years ago. Meanwhile, even OpenAI CEO Sam Altman warns that “someone is going to lose a phenomenal amount of money in AI,” suggesting we might be in a bubble similar to the dot-com era.
The AI Empire Effect
Here’s the thing about ChatGPT‘s impact—it’s not just about chatbots anymore. We’re talking about what author Karen Hao calls an entity that’s “already grown more powerful than pretty much any nation-state in the world.” That’s not just dramatic language—when you look at how AI is rewiring everything from geopolitics to how young people think about their careers, it’s hard to argue. Charlie Warzel’s piece in The Atlantic captures this anxiety perfectly: we’re all living in “the world ChatGPT built,” waiting for the next shoe to drop. Older generations worry their skills are becoming irrelevant, while younger ones face a workforce with “no predictable path to a career.” Basically, ChatGPT didn’t just give us a better search engine—it created a whole new layer of uncertainty about the future.
Winners and Bubble Worries
Look at the stock market numbers and you’d think we’re in the middle of another tech gold rush. Nvidia’s near-1000% gain is absolutely insane, and the fact that seven tech companies now drive nearly half of the S&P’s growth shows how concentrated this AI boom has become. But here’s what’s fascinating—even the people building this empire are getting nervous. When both Sam Altman and OpenAI board chair Bret Taylor are comparing this to the dot-com bubble, you have to wonder what they know that we don’t. Taylor’s take is particularly revealing—he thinks we’re in a bubble but believes AI will “transform the economy” like the internet did. So we’ve got this weird situation where everyone acknowledges there might be a crash coming, but they’re still betting billions that the long-term payoff will be worth it.
What Comes Next
So where does this leave us after three years? We’ve got massive corporate winners, genuine economic transformation, and this underlying tension that things might not be sustainable. The original ChatGPT announcement feels almost quaint now compared to what it unleashed. I keep thinking about that Altman quote from that dinner with journalists where he basically warned that people are going to get burned. When the CEO of the company that started this whole thing is saying that, you have to pay attention. The next three years will probably show us who was right—whether this is indeed another dot-com situation where the fundamentals eventually catch up, or whether AI really does create enough value to justify all the hype. Either way, we’re all along for the ride.
