Many fears of an AI bubble had hit a fever pitch at the start of this year when Chinese start-up DeepSeek released a competitive reasoning model.

A company with a chatbot that often gets things wrong is somehow about to become the largest unicorn earth has ever seen. That does feel frothy.

OpenAI CEO Sam Altman has warned that the current wave of investment pouring into artificial intelligence could fuel a bubble similar to the dot-com crash of the late 1990s and early 2000s.