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.

A company with a chatbot that often gets things wrong is somehow about to become the largest unicorn earth has ever seen. That does feel frothy.

Wall Street analysts are confident the artificial intelligence boom still has room to run. Even if Sam Altman, the OpenAI chief executive at the center of it all, appears less confident.