I think the main point is in the closing of the article; that valuations of companies are driven up by OpenAI spent commitments, and that those companies combined now would represent 40% of S&P 500.

You’re right, this is not accounting debt.

I don’t think OpenAI’s spending commitments alone are the problem, but OpenAI imploding will have a cascading effect and a realization check for everyone in the industry. What are the real prices for profitability and are businesses and consumers willing to pay for that, will we need ads, do we need an integrated product offerings to amortize the cost instead of standalone chat, etc. Also, S&P 500 going down by 10-20% will have a real impact on the real economy. If it happens.

I don’t think this should have been flagged.