OpenAI is raising funds again, this time targeting a valuation of $1.2 trillion. Back in March, the valuation was just $852 billion—up 40% in five and a half months. Its current annualized revenue is $40 billion, so at $1.2 trillion, that’s a 30x price-to-sales ratio. For comparison, NVIDIA is around 17x, and Google is about 9x. Meanwhile, Google’s annual revenue is 10 times that of OpenAI, yet its market cap is just over $4 trillion. AI isn’t a bubble, but are AI companies a bubble?