OpenAI loses its market halo as Alphabet emerges as Wall Street’s preferred AI bet

Bloomberg reporting carried by The Straits Times and The Business Times says investor sentiment has shifted sharply away from OpenAI-linked stocks toward Alphabet, as concerns mount over OpenAI’s heavy spending, complex financing and mixed reception for GPT‑5, while Alphabet’s Gemini models, cash reserves and broader business lines look more durable. The report notes that a basket of OpenAI‑exposed companies such as Oracle, CoreWeave, AMD, Microsoft and Nvidia has risen 74% in 2025, but still badly lags the 146% jump in Alphabet‑exposed names like Broadcom, Lumentum, Celestica and TTM Technologies, prompting questions over whether OpenAI can fund its ambitions and remain the clear AI leader.