If OpenAI fails, the most likely mode is the Yahoo path: not a dramatic collapse but a slow fade into irrelevance through a thousand mediocre product extensions. ChatGPT becomes a utility everyone uses but nobody pays premium for. Enterprise goes to companies with better compliance stories. The consumer product goes ad-supported. Revenue grows but margins compress. The valuation becomes unjustifiable. They never die – they just stop mattering.

🔗 OK, It’s a Bubble. Now Tell Me How It Pops.