The Free Press
NewslettersSign InSubscribe
Niall Ferguson: OpenAI’s House of Cards
AI may be driving markets and GDP growth. But Sam Altman’s hype is pure Roaring ’20s.
By Niall Ferguson
11.17.25 — Tech and Business
“AI—or rather the promise of AI—is now the principal driver of both the U.S. economy and the stock market.” (Illustration/animation by The Free Press; images via Getty)
--:--
--:--
Upgrade to Listen
5 mins
Produced by ElevenLabs using AI narration
225
299

Fans of Dr. Seuss will know by heart the key stanzas of Green Eggs and Ham.

Do you like
green eggs and ham?

I do not like them,
Sam-I-Am.
I do not like
green eggs and ham.

For those who have never had to read a bedtime story, allow me to explain. An irrepressible little creature, Sam-I-Am, spends the entirety of the book pitching green eggs and ham—on the face of it, an unappetizing dish—to a skeptical and increasingly irascible larger creature. With every page, the pitch grows more elaborate. Would you like them on a boat? With a goat? In the rain? On a train? Surely, there must be some context in which green eggs would be appealing fare. By the time Sam prevails, his hapless victim inhabits a scene of chaos.

When you come to think of it, there is often someone called Sam trying to sell you something you don’t initially want. In the 1920s, as I learned from Andrew Ross Sorkin’s 1929: Inside the Greatest Crash in Wall Street History—and How It Shattered a Nation, it was Sam Crowther’s article, “Everybody Ought to Be Rich”—exhorting housewives to buy stocks with margin credit. A few years ago, it was Sam Bankman-Fried with his crypto exchange, FTX. At the height of his fame, Bankman-Fried declared, “I want FTX to be a place where you can do anything you want with your next dollar. You can buy bitcoin. . . . You can buy a banana.” And you could also have bought green eggs and ham—until FTX blew up and Sam landed in prison.

Continue Reading The Free Press
To support our journalism, and unlock all of our investigative stories and provocative commentary about the world as it actually is, subscribe below.
Annual
$8.33/month
Billed as $100 yearly
Save 17%!
Monthly
$10/month
Billed as $10 monthly
Already have an account?
Sign In
To read this article, sign in or subscribe
Niall Ferguson
Sir Niall Ferguson, MA, DPhil, FRSE, is the Milbank Family Senior Fellow at the Hoover Institution, Stanford University, and a senior faculty fellow of The Belfer Center for Science and International Affairs at Harvard. He is the author of 16 books, including The Pity of War, The House of Rothschild, and Kissinger, 1923-1968: The Idealist, which won the Council on Foreign Relations Arthur Ross Book Award. He is a columnist with The Free Press. In addition, he is the founder and managing director of Greenmantle, a New York-based advisory firm, a co-founder of the Latin American fintech company Ualá, and a co-founding trustee of the new University of Austin.
Tags:
Investing
Economics
Artificial Intelligence
Comments
Join the conversation
Share your thoughts and connect with other readers by becoming a paid subscriber!
Already a paid subscriber? Sign in

No posts

For Free People.
LatestSearchAboutCareersShopPodcastsVideoEvents
Download the app
Download on the Google Play Store
©2025 The Free Press. All Rights Reserved.Powered by Substack.
Privacy∙Terms∙Collection notice