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By Britney Nguyen
A new version of ChatGPT, based on GPT-5.2, comes as Google has stepped up its game with its rival Gemini offering
OpenAI, led by Sam Altman, released GPT-5.2 on Thursday.
OpenAI just unveiled what it’s calling its “most capable model” yet for professional work. The move comes only weeks after Google won praise for its Gemini 3 model, raising questions about who will win the chatbot wars.
The new model, called GPT-5.2, has improved from previous models in building spreadsheets and presentations, coding, “perceiving images,” processing longer contexts and “handling complex, multi-step projects,” OpenAI said.
The GPT-5.2 announcement follows Alphabet’s (GOOG) (GOOGL) Gemini 3 launch in mid-November. Google said at the time that Gemini 3 outperformed GPT-5.1 and Anthropic’s Claude Sonnet 4.5 on key metrics such as complex academic reasoning and understanding screen and video.
Google is perceived to be gaining ground in the AI race, which has had ripple effects across the market.
Usage of Gemini is still below that of ChatGPT, but reports from The Information and Sensor Tower found that Google’s model is gaining market share fast. Gemini’s monthly active users grew by more than 30% between August and November, while ChatGPT saw a 5% increase during that time, according to the data.
See more: Gemini deals ChatGPT a fresh blow as Google’s AI momentum builds
Within the semiconductor sector, investors have wondered if Google’s custom chips would cut into Nvidia’s (NVDA) market dominance. And Wall Street has generally been paying more attention to whether the massive budgets that companies are dedicating to AI will deliver commensurate returns. In recent months, OpenAI has made deals worth more than $1.4 trillion altogether to build out AI infrastructure to support its models.
With so many companies linked to OpenAI, there’s a lot riding on whether the ChatGPT creator continues growing adoption of its chatbot and improves the economics of its service.
On OpenAI’s GDPval benchmark, which measures how its models perform on real-world tasks spanning 44 occupations in the top nine industries that contribute to U.S. gross domestic product, the company said GPT5.2 outperformed “industry professionals at well-specified knowledge tasks” in those occupations.
GPT-5.2 Instant, Thinking and Pro will roll out in ChatGPT starting on Thursday beginning with paid subscribers, OpenAI said. Developers can also access the model on Thursday through OpenAI’s application programming interface.
Don’t miss: As ChatGPT turns 3, here’s what’s crashing the party
-Britney Nguyen
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12-11-25 1523ET
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The real spark behind the latest move in TPG (TPG) stock is its $6.2 billion AG Credit Solutions Fund III closing, which landed about 40% above target and drew in several heavyweight public pensions.
See our latest analysis for TPG.
That successful $6.2 billion raise has clearly fed into sentiment, with a roughly 18.6% 1 month share price return helping push TPG to $67.57. Its 3 year total shareholder return above 140% shows that this momentum has been building for a while, not just this quarter.
If this kind of fundraising win has you thinking about what else is working in markets, now is a good time to explore fast growing stocks with high insider ownership for other fast moving ideas.
Yet with TPG now trading slightly above the average analyst price target, the real question is whether investors are underestimating its long term earnings power or whether the market is already pricing in years of growth.
With TPG closing at $67.57 against a most popular narrative fair value of $66.00, the story rests on aggressive profitability gains despite shrinking revenues.
Thematic investment focus in high-growth areas (sustainability, digital infrastructure, healthcare, AI) is enabling TPG to capitalize on long-term, secular shifts toward these sectors, which is supporting investment returns as well as growth in carried interest and incentive income, and positively impacting earnings.
Read the complete narrative.
Curious how falling revenues still back a richer valuation? This narrative leans on surging margins and future earnings power that look more like a growth stock than a traditional asset manager. Want to see which bold assumptions turn today’s price into “about right” rather than “too hot”?
Result: Fair Value of $66 (OVERVALUED)
Have a read of the narrative in full and understand what’s behind the forecasts.
However, persistent fundraising headwinds and tougher exits in volatile markets could quickly pressure fee growth, carried interest, and those optimistic margin assumptions.
Find out about the key risks to this TPG narrative.
While the narrative fair value pegs TPG as 2.4% overvalued, its 2.4x price to sales ratio still looks cheap versus the US Capital Markets industry at 4.1x and peers at 4.3x, yet expensive against its own 1.9x fair ratio. Is this a margin story or a valuation trap?
See what the numbers say about this price — find out in our valuation breakdown.
If you see the story differently or want to dig into the numbers yourself, you can build a custom view in minutes, Do it your way.