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Guest Essay

By Sebastian Mallaby

Mr. Mallaby is a senior fellow at the Council on Foreign Relations.

Wall Street fears it has an artificial intelligence problem. A.I.-related stocks are up so much that a fall feels inevitable, particularly if A.I. appears unlikely to live up to its hype. This is the wrong worry; A.I.’s promise is real. The big question in 2026 is whether capital markets can adequately finance A.I.’s development. Companies such as OpenAI are likely to run out of cash before their tantalizing new technology produces big profits.

Since the release of ChatGPT a little over three years ago, A.I. models have acquired novel........

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