The $13.5B net loss doesn't mean they are in trouble, it's a lot of accounting losses. Actual cash burn in H1 2025 was $2.5B. With ~$17.5B on hand (based on last funding), that’s about 3.5 years of runway at current pace.
Then they can stop burning cash on enormous training runs and have a shot at becoming profitable.
The minute they lose that (not just them, the whole sector), they’re toast.
I suspect they know this too, hence Sam-Altman admitting it’s a bubble so that he can try to ride it down without blowing up.
They will have to train one that is comparable (or better), or the word will spread and users will move to the better model.