OpenAI faces an ‘increasingly fragile moat,’ JPMorgan says, as Sam Altman braces for ‘OS war’ against Google, Apple and other Silicon Valley titans

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OpenAI faces an ‘increasingly fragile moat,’ JPMorgan says, as Sam Altman braces for ‘OS war’ against Google, Apple and other Silicon Valley titans

fortune.com/2025/07/22/openai-os-war-microsoft-google-apple-platforms-jpmorgan-coverage

OpenAI is the world’s third-most-valuable private company—valued at $300 billion in its latest fundraise in March 2025, and it’s “marching to the beat of its own disruption drum,” according to JPMorgan. At the same time, the bank warns, the risks to the company’s business model are…

This story appeared on fortune.com, 2025-07-22 16:00:41.