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During prime-time football last Sunday, OpenAI debuted its biggest ad campaign yet, emphasizing three possible uses for ChatGPT: making dinner recipes, creating workout routines, and planning road trips. As romantic as pasta à la ChatGPT sounds, the simplicity of these chatbot queries raises a question: Is the company really worth the hundreds of billions of dollars its investors say it is?

The market certainly thinks so. Yesterday morning, OpenAI became the most valuable privately held company in the world, worth $500 billion. (OpenAI has a corporate partnership with The Atlantic.) That’s tha

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