Scott Galloway warns of ‘nowhere to hide’ in markets if the OpenAI story unravels
FORTUNE
Tech analyst and professor Scott Galloway has issued a stark warning regarding the highly inflated valuations of the Magnificent 10 mega-cap companies, asserting a financial collapse at generative AI leader OpenAI would trigger a systemic shock leaving “nowhere to hide” for investors across the global markets.
Galloway, speaking on his Prof G Markets podcast, characterized the current market reliance on AI as precarious, noting AI has been responsible for 80% of the stock market returns since the launch of ChatGPT in late 2022.
Co-host Ed Elson reminded the audience “AI is what is holding the stock market together and also holding the economy together,” with OpenAI at the center of the story.
Read more | FORTUNE