AI honeymoon is over and this will be its hardest year yet, says Deutsche Bank's Adrian Cox

• 2026 is predicted to be a tough year for AI, marked by disillusionment, dislocation, and distrust, especially for privately held AI companies like OpenAI.
• OpenAI is at risk due to its significant cash burn and lack of a workable business model, struggling against hyperscalers like Google with massive distribution, data, and data center investments.
• Sam Lessin views OpenAI as a 'narrative asset' where vision has outpaced reality, suggesting AI will primarily benefit incumbents like Google and Meta rather than disrupt them.

Deutsche Bank's Adrian Cox and Slow Ventures' Sam Lessin discuss OpenAI's future, suggesting 2026 will be a 'make-or-break' year for the company and a period of 'disillusionment' for the broader AI sector. They argue that OpenAI, as a standalone AI model maker, faces significant challenges in monetization and competition from tech giants like Google and Meta, who possess superior distribution and infrastructure.