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In April 2025, OpenAI rolled back a GPT-4o update that had made the model more sycophantic. It was flabbergasted by a business idea described as “shit on a stick” and endorsed stopping psychiatric medication. An additional reward signal based on thumbs-up/thumbs-down data “weakened the influence of [...] primary reward signal, which had been holding sycophancy in check.”
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“The fact that investors are comfortable taking down 30-and 40-year debt, in some cases 100-year debt, certainly suggests that investors are very comfortable that this is a balanced risk-reward opportunity,” says Anders Persson, chief investment officer and global head of fixed income at $1.4 trillion manager Nuveen.