The recent $110B valuation discussion around OpenAI has sparked a familiar debate in financial circles: are we witnessing the beginning of a new technological era, or the peak of another speculative bubble? In my opinion, it is a bit of both. On one hand, companies like OpenAI are clearly at the forefront of a transformative technology. Artificial intelligence is not just another software trend — it is rapidly becoming a foundational layer across industries. From productivity software to finance, healthcare, logistics, and education, the integration of AI is accelerating at a pace we have rarely seen before. When you consider the scale of potential economic impact, a nine-figure valuation for a leader in this space does not immediately seem irrational. However, history reminds us that tran