AI’s First Triennial: ChatGPT’s Launch Reordered the Stock Market, Fueled Tech Dominance
NEW YORK – November 25, 2025 – Three years after the public launch of ChatGPT, the artificial intelligence chatbot has fundamentally reshaped the stock market, driving unprecedented growth for technology companies and creating a more concentrated market landscape. While industry leaders acknowledge the potential for a correction, the impact of AI on the economy is already ample and poised for further change.
the surge in AI investment has disproportionately benefited a handful of tech giants. Nvidia, the leading manufacturer of AI chips, has seen its stock climb a remarkable 979% as ChatGPT’s debut.This growth has propelled Nvidia, alongside microsoft, Apple, Alphabet, Amazon, Meta, and Broadcom – the seven most valuable companies on the S&P 500 – to collectively account for nearly half of the benchmark’s 64% increase over the past three years. This concentration of power has shifted the S&P 500’s weighting, with these seven companies now representing 35% of the index, up from approximately 20% three years ago.
Despite the bullish run, concerns about a potential “bubble” or “mania” are growing within the industry. OpenAI CEO Sam Altman cautioned in August, “Someone is going to lose a phenomenal amount of money in AI,” speaking at a dinner with journalists. Bret Taylor, CEO of Sierra and chair of the OpenAI board, echoed this sentiment in September, comparing the current situation to the dot-com boom of the late 1990s. However, Taylor predicted that, even with potential failures, “AI will transform the economy…and create huge amounts of economic value in the future.”
Notably, Nvidia CEO jensen Huang remains an outlier, offering a more optimistic outlook. The coming years will determine whether the current AI-driven growth is lasting or if Altman and Taylor’s warnings will prove prescient.
