AI researcher Gary Marcus warns that OpenAI's potential IPO and cash burn issues could pose risks to tech stocks that rely on AI computing power demand. The valuations of Nvidia, Oracle, and CoreWeave are based on OpenAI's expectation of continued large-scale purchases of chips and data center capabilities. If OpenAI's listing process does not go smoothly or if it cuts expenses, these suppliers may face a downward revision in their revenue expectations. OpenAI has submitted a secret S-1 file. The market is concerned about OpenAI's computing power cost, competition with Anthropic, and enterprise customer deployment. If the financing of AI data centers, cloud computing contracts, and OpenAI demand are highly interconnected, the contraction of core customer spending may trigger lenders to reassess the credit quality of AI related assets.
