OpenAI's (and other superscalers) revenue isn't really up for debate, nor is the long term value of their mission/product. The issue (somewhat articulated in this article) is that the superscalers (both public and private) have generated such a massive, unprecedented amount of speculative investment as well as capital expenditure that has left the rest of the economy in the dust (aka minting a mag 7 in less than a decade) that we have a distorted view of the world.

The fear of an AI bubble isn't that AI companies will fail, it's that a downturn in the AI "bubble" will lay bare the underlying bear market that their growth is occluding. What happens then? Nobody knows. Probably nothing good. Personally I think much of the stock market growth in the last few years that seems disconnected with previous trends (see parallel growth betwen gold and equities) is based on retail volume and unorthodox retail patterns (Robinhood, WSB, et. al) that I think conventional historical market analysis is completely unprepared for. At this point everything may go to the moon forever, or it may collapse completely. Either way, we live in a time of little precedence.