Wall Street

The AI industry just crossed a Rubicon. OpenAI — the company that kicked off the generative AI revolution with ChatGPT — has confidentially filed an S-1 with the SEC. One week after Anthropic filed its own IPO paperwork. With SpaceX also preparing a debut at $1.75 trillion. Combined IPO pipeline: $3.6 trillion. We haven’t seen anything like this since the dot-com era. Arguably, we’ve never seen it at all. From Nonprofit Lab to $852 Billion OpenAI’s trajectory borders on absurd. Founded as a nonprofit in 2015, it released ChatGPT in late 2022 and changed everything. Converted to for-profit. Amassed hundreds of millions of users. Closed a $122 billion funding round in March 2026 — the largest in Silicon Valley history — at roughly $852 billion. ...

The pretense is officially over. For years, Wall Street executives delivered a comforting mantra: AI will enhance your work, not replace it. This week, as Q1 2026 earnings rolled in, that narrative crumbled in spectacular fashion. JPMorgan Chase, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley, and Wells Fargo collectively reported $47 billion in profits — up 18% year-over-year — while shedding approximately 15,000 employees. More money, fewer humans. The math is brutal and undeniable. ...