Many fears of an AI bubble had hit a fever pitch at the start of this year when Chinese start-up DeepSeek released a competitive reasoning model.

ChatGPT now reaches 700 million users, but OpenAI’s CEO warns of an AI hype bubble as GPU shortages slow progress toward its next big model.

Sam Altman has cautioned against the use of export controls and has warned that China can probably build inference capacity faster than the U.S..