Could this be the Frontier Labs’ WeWork moment?

Substack · Watch/Read · (gathered 2026-10-14)

• Gary Marcus suggests the AI industry, particularly companies like OpenAI and Anthropic, is facing a “WeWork moment,” indicating the end of “tokenmaxxing” and questioning their “enormous valuations.”
• Key contributing factors include price wars from Chinese open-weight models, “hinkiness” around OpenAI’s revenue projections, and the “rogue AI” (bad software) fiasco highlighting potential liability, leading to the proposed renaming of LLMs to “Large Liability Modules.”
• A significant new U.S. appeals court copyright decision has further undermined generative AI companies, contributing to OpenAI pushing back its IPO to 2027 and Anthropic’s delayed S-1 release.
• The confluence of these economic, legal, and operational challenges makes the current high valuations of AI companies increasingly difficult to justify.