OpenAI CEO 샘 올트먼이 네오클라우드 분야의 초기 거품 징후를 경고함에 따라 GPU 클라우드 운영사들은 밸류에이션 배수와 자금 조달 전략을 재검토하고 있다.

OpenAI CEO Sam Altman has raised concerns regarding the rapid expansion of AI infrastructure, prompting close attention from traders tracking neocloud equities such as CoreWeave (NASDAQ: CRWV), Nebius Group (NASDAQ: NBIS), and IREN Ltd. (NASDAQ: IREN).

During a recent appearance on the “Sources” podcast, Altman drew a clear distinction between OpenAI’s own compute strategy and broader market trends. He expressed confidence in his company’s trajectory, stating, “I’m not worried about our compute buildout plans. I think we are going to be able to use all of the compute very profitably that we were planning to build.” However, he voiced significant concern about industry-wide expansion, noting, “I am worried about the world’s compute buildout plans.”

Altman highlighted emerging risks in the sector, observing, “I am seeing the first signs of what feels to me like unsustainable silliness of random new neoclouds popping up, people claiming that they’re going to build gigantic amounts of compute next year that I think they don’t have the revenue to support or a buyer.” He attributed this trend to a prevailing market mentality, adding, “I think people right now are kind of in a ‘cost is no object’ mode. We’re just going to build out crazy amounts of compute and somebody will pay an even higher price for it.”

While acknowledging that OpenAI’s success in improving compute efficiency could trigger a market correction, Altman framed it as a natural cycle. “If we are able to succeed with our efforts to hugely drive down the cost of compute and the efficiency of compute up a lot, then you can imagine a world where there are some people that made dumb financial decisions. That happens in every boom,” he said.

The warning carries particular weight for Bitcoin mining firms transitioning into AI infrastructure, including IREN Ltd. (NASDAQ: IREN), Hut 8 (NASDAQ: HUT), Bitdeer (NASDAQ: BTDR), and Cipher Mining (NASDAQ: CIFR). These companies have been deploying substantial balance-sheet capital into GPU campuses without securing the long-term contracted revenue streams that anchor operators like CoreWeave and Nebius. As Altman’s comments underscore the risks of speculative overexpansion, market participants may increasingly differentiate between well-capitalized, contract-backed providers and speculative ventures chasing the AI compute demand surge.