In the constellation of technology companies, international stock markets move, continuing the rally that started three years ago.

From the low level of 3,583 points on October 14, 2022, the US index S&P 500 climbed to 6,733 last Thursday (October 9, 2025), recording an amazing rise of 88%. During the same period, the Pan-European Stoxx 50 index and the MSCi for Asian-Pacific made 70% and 65% jumps, respectively.

The main lever of the rally is artificial intelligence (AI), which also closes in November three years from the development of broad use applications, such as OpenAi Chatgpt.

With the new applications, the use of AI was adopted by businesses and employees with the aim of increasing productivity, as well as by governments aimed at offering better services to citizens.

The ChatGPT application now has about 700 million users a week that make it one of the fastest growing consumer products in history.

Seeing the prospects that are opening around the AI, large technology companies, centered on the US, have entered a dancing of many hundreds of dollars for sophisticated chips and large data centers essential for new applications of artificial intelligence.

Recently, new agreements are constantly announced between companies producing artificial intelligence software – such as Openai, Anthropic and dozens of others – and companies that produce the chips needed for this software, with the first being Nvidia, the largest company in the world today, with capitalization exceeding $ 4.

These agreements inflate the market value of the companies involved, with some analysts warning that a shares bubble was created, as happened in the late 1990s with the dot.com bubble that broke, causing the bankruptcy of many businesses and losses of 5 trillion. dollars.

At the heart of the concerns is Openai, which is committed to investing nearly $ 1 trillion. dollars for chips purchases and the creation of Data Centers, while it is harmful and is not projected to have profits before 2029. A part of the Openai investment expenditure will be covered by chip production companies based on the “circular” agreements it has entered into, such as NVIDIA, which will provide $ 100 billion for the creation of Data Centers Centers. Openai in exchange for equal purchase from the last of its own chips. However, a significant part of the expense of AI will be funded by lending.

In 2024, Openai was damaged $ 5 billion and $ 3.7 billion revenue. For this year, it expects its revenue of $ 12 billion over $ 12 billion due to its high demand for its products, but it will still be harmful. Openai’s chief executive Sam Altman admitted that it is a problem that the company does not yet have a profit, but stressed that what is important is its research and development. Despite the damage, however, the capitalization of Open AI reached $ 500 billion and became the most expensive start-up company in the world.

Altman, like the other companies that fund him and of course investors who buy shares believe that the demand for the applications of AI will be so high and future revenue and profits so spectacular that the investment account will come out.

For skeptical analysts, this will not be easy at all, as Open AI will also face fierce competition from Chinese companies flooding the market at low -cost artificial intelligence applications.

Bain & Co. In a recent report, artificial intelligence companies should have a total of 2 trillion revenue. dollars in 2030 to finance the computational power of data centers needed to meet the intended demand. However, it predicts that their revenue may be by $ 800 billion lower than that level.

One major difference with the bubble of dot.com created by start-up companies that had the new internet’s new vehicle at that time is that the high rise in technology prices today, with the exception of OpenAi, is based on strong profits and that the price index for profits is much lower than 25 years ago.