Three years ago, OpenAI quietly introduced what it called “a model called ChatGPT which interacts in a conversational way.” That understated debut on November 30, 2022 ended up setting off one of the most consequential shifts in recent tech history. Within months, ChatGPT embedded itself into workplaces, classrooms, and daily routines, igniting a wave of generative AI tools and reshaping expectations about how software should behave. It remains one of the most downloaded free apps on Apple’s charts, a sign that public curiosity has yet to cool.
The cultural response has been equally intense. Writers joked about losing their em dashes, while researchers and policy analysts debated what it means for a private AI lab to influence global systems. Karen Hao, author of Empire of AI, recently suggested that OpenAI’s impact now rivals that of some nation-states, arguing that its technologies have begun to alter geopolitics and day-to-day life in ways that are still unfolding. Other observers have focused less on power and more on uncertainty. In The Atlantic, Charlie Warzel described the present moment as “the world ChatGPT built,” a landscape marked by constant instability and a sense that another major shift could land at any time.
This unsettled feeling cuts across generations. Students preparing to graduate face a job market that seems increasingly fluid, while older workers hear warnings that long-practiced skills might not carry the same weight in an AI-driven economy. At the same time, many people in the industry see opportunity rather than threat. Investors, founders, and early adopters anticipate broad economic gains, even as they acknowledge that generative AI is still evolving and that its long-term trajectory is far from settled.
The financial markets have already reacted. Bloomberg’s recent analysis credits ChatGPT as a key force behind one of the most dramatic surges in tech-sector valuation in decades. Nvidia stands out with a remarkable 979% stock increase since the chatbot’s launch, but the broader effect is visible across the S&P 500. The seven largest companies — Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, and Broadcom — now represent 35% of the index’s weight, up from about 20% just three years ago. Their combined growth accounts for nearly half of the S&P’s 64% rise during that period, contributing to a market that feels increasingly concentrated at the top.
Even industry leaders concede that this kind of acceleration can’t go on indefinitely. OpenAI CEO Sam Altman warned earlier this year that “someone is going to lose a phenomenal amount of money in AI,” acknowledging the speculative atmosphere surrounding the sector. Bret Taylor, CEO of Sierra and chair of OpenAI’s board, echoed the sentiment, comparing the current moment to the late-1990s dot-com boom. Individual companies may falter, he said, but the broader technology will continue reshaping the economy, much like the internet did.
Three years isn’t much time in the history of technology, yet the landscape already feels profoundly altered. Whether the next three bring stability, correction, or another wave of transformation will determine if today’s optimism — and anxiety — proves justified.
