Why Is Sam Smiling?
The reason you are hearing about OpenAI’s potential Trillion dollar IPO is because its investors know the bubble is coming to end and they wish to exit.
ChatGPT usage is down and OpenAI is rolling up companies in an effort to grow users in order to have a story to tell.
OpenAI will be in perpetual capital raising mode (as will Anthropic), until the company is sold. That is the real story.