In the context of ongoing speculation by economists about a potential AI bubble in the stock market, OpenAI’s CEO Sam Altman has expressed agreement, stating, “Yes, I believe we are in a phase where investors are overly enthusiastic about AI.” Altman shared these insights during an extensive interview with Technology News and other media representatives.
The interview covered a range of topics, with Altman drawing parallels between the current market sentiment around AI and the dot-com bubble of the 1990s, a period characterized by soaring valuations of internet startups that eventually crashed around 2000. He remarked, “Bubbles occur when intelligent individuals become overly excited about a core truth. Historical tech bubbles reveal that there was, indeed, a significant technological advancement at play. The internet was revolutionary, and investors became overly optimistic about its potential.”
Altman voiced concern about the high valuations being afforded to certain AI startups that, in his words, consist of “just three people and an idea.” He characterized this trend as “irrational behavior,” predicting, “There will be significant losses for some investors.” Over the past year, numerous AI companies, including Safe Superintelligence, founded by OpenAI co-founder Ilya Sutskever, and Thinking Machines, established by former OpenAI CTO Mira Murati, have raised substantial funds in valuations reaching billions.
“A remarkable amount of money will be lost by someone, though it remains uncertain who that will be. Meanwhile, many others are set to gain immensely,” Altman noted. He expressed a hopeful view, suggesting that, despite the current risks, the overall outcome for the economy could be favorable.
Although he acknowledges the possibility of an AI bubble, Altman appears optimistic about OpenAI’s future, predicting significant investments in data center infrastructure. “You can expect OpenAI to invest trillions of dollars in the construction of data centers in the near future,” he said. “Prepare for many economists to express concern.”
Additional reporting by Alex Heath.
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