The state of the AI trade: ChatGPT turns three 12/1/25
Dec 01, 2025•7 min
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Episode description
OpenAI's ChatGPT turned three this week. As the AI trade enters its fourth year, OpenAI finds its position shifting from disruptor to incumbent. We dig into the themes of the first three years of the AI trade and look to where the trade is going and what's at stake for the likes of the megacap players like Google, Microsoft, Meta and Amazon.
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