Prof G Markets · Friday, July 10, 2026
Sebastian Mallaby distinguishes between the broader AI sector and OpenAI specifically, stating he believes there's an "OpenAI bubble" but not a general AI bubble. He sees strong long-term demand for AI compute and related infrastructure as being "for real."
“My view is that we have an OpenAI bubble but not a general AI bubble.”
“So I think that, you know, AI as a sector, and therefore the demand for the semiconductors, the data center businesses, all these things that people worry about, the demand for compute, I don't think that that's a bubble.”
“I think that's for real.”