OpenAI CEO Sam Altman thinks the artificial intelligence market is in a bubble, according to a report from The Verge published Friday. “When bubbles happen, smart people get overexcited about a kernel of truth,” Altman told a small group of reporters last week. “Are we in a phase where investors as a whole are overexcited about AI? My opinion is yes. Is AI the most important thing to happen in a very long time? My opinion is also yes,” he was quoted as saying. Altman appeared to compare this dynamic to the infamous dot-com bubble, a stock market crash centered on internet-based companies that led to massive investor enthusiasm during the late 1990s. Between March 2000 and October 2002, the Nasdaq lost nearly 80% of its value after many of these companies failed to generate revenue or profits. His comments add to growing concern among experts and analysts that investment in AI is moving too fast. Alibaba co-founder Joe Tsai, Bridgewater Associates’ Ray Dalio and Apollo Global Management chief economist Torsten Slok have all raised similar warnings. Last month, Slok stated in a report that he believed the AI bubble of today was, in fact, bigger than the internet bubble, with the top 10 companies in the S&P 500 more overvalued than they were in the 1990s. In a Monday email to CNBC, Ray Wang, research director for semiconductors, supply chain and emerging technology at Futurum Group, said that he thought Altman’s comments carry some validity, but that the risks are company-dependent.

Full report : OpenAI CEO Sam Altman has reportedly said that he believes AI could be in a bubble, comparing market conditions to those of the dotcom boom in the 1990s.