Part 4/15:
OpenAI’s high valuation—initially thought to be around $500 billion, with aspirations of reaching $750 billion or beyond—raises eyebrows when scrutinized against its actual business fundamentals. The core issue is the "AGI lottery ticket" mentality: investors are essentially betting on the spontaneous arrival of Artificial General Intelligence (AGI) that would revolutionize the digital world. This is a classic case of valuing a business not on current cash flow or market penetration but on a speculative future outcome that may never materialize.