Sam Altman of Openai says that the AI market is in a bubble

The CEO of Openai, Sam Altman, thinks that the artificial intelligence market is in a bubble, according to a report of the penis published on Friday.

“When bubbles occur, intelligent people are excited about a core of truth,” Altman told a small group of journalists last week.

“Are we in a phase where investors as a whole are excited about AI? My opinion is yes. Is AI the most important thing that has happened for a very long time? My opinion is also yes,” he was quoted.

Altman seemed to compare this dynamic to the infamous Bulle Dot-Com, a stock market accident focused on Internet companies that led to a massive enthusiasm of investors in the late 1990s. Between March 2000 and October 2002, the NASDAQ lost almost 80% of its value after many of these companies have not generated income or profits.

His comments add to an increasing concern among experts and analysts that investment in AI evolves too quickly. Alibaba’s co-founder, Joe Tsai, Ray Dalio de Bridgewater Associates and the chief economist in the world management Apollo, Torsten Slok, have all raised similar warnings.

Last month, Slok said in a report he thought that today’s AI bubble was, in fact, larger than the Internet bubble, the best companies in the S&P 500 more overvalued than they were in the 1990s.

In an email on Monday at CNBC, Ray Wang, research director for semiconductors, the supply chain and the emerging technology of Futurum Group, said that he thought that Altman’s comments had a certain validity, but that the risks depended on the company.

“From the point of view of wider investment in AI and semiconductors … I do not see it as a bubble. The fundamental principles of the supply chain remain strong, and the long-term trajectory of the AI trend supports continuous investment,” he said.

However, he added that there is an increasing quantity of speculative capital to chase societies with lower fundamentals and perceived potential, which could create pockets of overvaluation.

Many fears of an AI bubble had struck a fever field at the start of this year when the Chinese start-up Deepseek published a model of competitive reasoning. The company said that a version of its high -language advanced models had been formed for less than $ 6 million, a fraction of the billions spent by AI market leaders as Openai, although these claims were also welcomed by a certain skepticism.

Earlier this month, Altman told CNBC that the annual OPENAI recurring income would be on the right track to adopt $ 20 billion this year, but that despite this, it remains unprofitable.

The release of the last model of OPENAI GPT-5 at the beginning of the month had also been difficult, some criticism complaining that it had a less intuitive feeling. This allowed the company to restore access to GPT-4 models inherited to pay customers.

After the publication of the model, Altman also marked more caution on some of the most upset predictions in the AI industry.

Addressing CNBC, he said that he thought that the term artificial general intelligence, or “act”, loses relevance,, When asked if the GPT-5 model moves the world closer to the realization of AG.

AC Refers to the concept of a form of artificial intelligence that can perform any intellectual task that can a human – something OpenAi has worked for years and that Altman has already said could be achieved in a “reasonably close future.“”

In any case, the OpenAi faith of investors has remained strong this year. CNBC confirmed on Friday that the company was preparing to sell around $ 6 billion in shares as part of a secondary sale which would enhance it at around $ 500 billion.

In March, he announced a $ 40 billion financing cycle to an assessment of $ 300 billion, by far the largest amount ever lifted by a private technology company.

On Friday, in the Verge article, the CEO of Openai also discussed the expansion of Openai in consumption equipment, brain interfaces and social media.

Altman also said that he expects OpenAi to spend billions of dollars for its construction of data centers in “a not very distant future” and said that the company would be interested in buying Chrome if the US government should force Google To sell it.

When asked if he would be CEO of Openai in a few years, he would have said: “I mean, maybe that AI is in three years. It is long.”

Fixed: This article has been updated to faithfully reflect the role and affiliation of Ray Wang as research director for semiconductors, the supply chain and emerging technology at Futurum Group.