What signals are these?~

$600 million worth of OpenAI shares, searching for buyers—no deals made~
The same amount last year was snapped up within days~
This comparison clearly shows that: AI money is cooling off~
It’s not that OpenAI has a problem.
It’s that smart money is starting to do the math—
Spending hundreds of millions of dollars to buy shares in a company that can’t go public, can’t exit, and is priced based on "believing in the future," in 2026 when interest rates are still high and the market is beginning to shake, the risk-reward ratio of this deal has quietly flipped~
What were the people rushing to buy last year thinking? FOMO~ What did the people who can’t find buyers this year discover? Liquidity trap~
The secondary market is the most honest thermometer—it doesn’t look at stories, only whether someone is willing to take over~
Six institutions trying to offload simultaneously is a signal in itself. Institutions wouldn’t withdraw collectively without reason; each has its own pressure: LPs want to redeem, portfolios need rebalancing, or they simply think the valuation can’t hold up~
The key to the sustainability of the AI narrative lies in investors’ expectations for returns—these expectations won’t be indefinitely postponed.
The story of OpenAI isn’t over, but the window for blind buying may have already closed.
#OpenAI #AI bubble #二级市场 #Risk assets