OpenAI: The Honeymoon is Over (Is the Bubble Bursting?)

OpenAI is facing significant challenges as the initial excitement and honeymoon phase has ended. The company is under pressure from Google's dominance in infrastructure and distribution, and Anthropic's capture of the developer market. Additionally, the technical gap between models is widening, with Google Gemini 3 and Anthropic's Claude Opus leading in their respective areas. Financially, OpenAI's high burn rate and debt obligations to Microsoft are forcing it to pivot to hardware and ads, which may alienate users. The future looks uncertain, with potential restructuring or breakup by 2027.