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Wall St Engine @wallstengine on x 73.4K followers
Created: 2025-07-18 11:56:05 UTC
JPMORGAN ON OPENAI: VALUATION HIGH AND MOAT SHRINKING
JPMorgan says OpenAI’s revenue is growing fast—$10B ARR in 1H25, up ~82%—but warns it’s still years from profit and valued at 27x 2025E revenue. That’s steep next to AI peers (M7 avg ~9x). With ChatGPT now at 800M users and a $300B valuation, JPM sees a $700B+ TAM by 2030, but notes rising risks around model commoditization, talent, and infrastructure. The report says OpenAI’s moat is shrinking, as newer models outperform GPT-4 (95th in LMSYS Arena) and enterprise adoption remains tough. Agents and monetization outside APIs are key to long-term upside.
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