The balance of power in global tech may be shifting again, and a Wall Street firm says the next empire could rise from a company willing to lose billions to get there.
In a new CNBC interview, Barton Crockett, senior analyst and managing director at Rosenblatt Securities, believes that Sam Altman’s OpenAI will be the next firm to dominate the tech industry.
“And now you have to believe that these guys are the next Google. You know, as rich and as wealthy and as much money as Google makes from search in particular.”
He argues the scale of OpenAI’s ambition—and the capital behind it—makes resistance futile.
“The thing about money is that it can make things happen, particularly in this area. So it’s hard to really stand against this tide. You have to run with it until you get some reason to think it’s not going to happen.”
Crockett says OpenAI’s willingness to burn cash at a level no other firm could sustain underscores how different this race is from traditional tech cycles.
“The players are really Google and Meta. Those guys have cash flow. They have businesses. They can spend a lot of money, but they can’t do what OpenAI is doing, which is lose $8 billion of cash flow this year, $100 billion through 2029, which is what they’re talking about.”
He believes the missing piece in OpenAI’s long-term model is advertising — a revenue stream he expects will eventually flow through ChatGPT and its successors.
“That is an untapped spigot of money that has to flow in a big way through ChatGPT, through OpenAI, through these LLMs to make it all make sense. And that’s coming. That’s absolutely coming. Not maybe today, but very soon that will be here.”
He adds that the competitive balance of power in technology is shifting, with Google likely to lose some of its dominance in the age of AI superintelligence.
“I think Google is part of this moment. But they dominate search. It’s hard to say with this much money going into OpenAI that they’ll dominate the coming world of AI superintelligence. There’ll be a few real strong players. Google will be one of them, but they won’t be the dominant player.”
Founded in 1979 and based in New York, Rosenblatt Securities is a privately held investment firm known for its independent research and capital markets services.
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