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      <title>The $2.22 Problem: OpenAI&#39;s IPO and the First Crack in the ChatGPT Monopoly</title>
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      <description>OpenAI filed its confidential S-1 on June 8, 2026, targeting a $1 trillion public listing. The same week, ChatGPT fell below 50% market share for the first time. The company spends $2.22 for every dollar it earns. Here is what public markets are actually being asked to buy.</description>
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