OpenAI-Linked Stocks Surge in 2025, but Market Senses Growing Risk

Stocks​‍​‌‍​‍‌​‍​‌‍​‍‌ that are closely related to OpenAI have been very profitable in 2025. On average, the group of companies in this basket has made about 74% of the gains in the year 2025.

Such a growth is noteworthy. However, when compared with large tech companies that have exposure to broader AI opportunities like Alphabet, the gains look rather modest. Stocks related to Alphabet have risen about 146% which is almost twice the performance of the group linked to OpenAI.

The difference has caused a lot of questions to be raised by analysts. The situation initially seemed to be very beneficial for firms focusing on AI but now it seems that the effect is more mixed. As the excitement for generative-AI tools diminishes, there are still questions as to whether valuations reflect the long-term earning potential of these companies.

The rally is supported by the increasing number of people who do not see the stocks as undervalued and wonder of their sustainability in the future. Some of the investors are concerned about the provision of infrastructure, data centers, and continuous AI research. The risk is that the hype has gone beyond what these companies can actually deliver.

For OpenAI in particular, such a situation adds pressure. The company’s initial exaggeration as a “stock-market savior” is now being replaced with scrutiny, as markets consider potential AI risks, regulation, and the long-term economics of artificial intelligence.

In case the pattern is true, i.e., rapid growth followed by increased scrutiny, then the AI-linked stock valuations that are the most affected may undergo further recalibration. That would signal that the markets are adopting a more cautious attitude rather than totally rejecting ​‍​‌‍​‍‌​‍​‌‍​‍‌AI.