ChatGPT does have a loop, that's why it produces more than one token.
In this context, that the possibility of running "forever" would also exclude the humans (to which it is being compared) is relevant — even if we spend all day thinking in words at the rate of 160wpm and .75 words per token, we fall asleep around every 200k tokens, and some models (not from OpenAI) exceed that in their input windows.