Are we in an AI bubble? What 40 tech leaders and analysts are saying, in one chart

• Major AI companies and hyperscalers including Microsoft, Google, and Amazon are spending billions on data centers and AI chips, sparking concerns about potential overinvestment
• Notable figures are split: Nvidia CEO Jensen Huang sees sustainable demand, while 'Big Short' investor Michael Burry compared the spending to late-1990s dot-com mania in an October essay
• OpenAI CEO Sam Altman acknowledged in August that investors may be 'overexcited about AI' while maintaining AI remains 'the most important thing to happen in a very long time'

Summary: Tech Leaders Divided on AI Bubble Concerns

CNBC surveyed 40 technology executives, analysts, and industry professionals to assess whether the current AI surge constitutes a market bubble, revealing divided opinions across the sector.

Key Context

Record valuations and massive AI-driven investments have sparked concerns about a potential bubble. Major AI leaders like Nvidia and cloud infrastructure companies including Amazon, Microsoft, and Google continue spending billions on data centers and AI chips, raising questions about whether this investment surge is sustainable.

Notable Perspectives

Bubble Skeptics: Nvidia CEO Jensen Huang dismissed AI bubble concerns during the company's Q3 earnings call, stating "we see something very different" from his vantage point.

Bubble Believers: Michael Burry, the investor famous for predicting the 2008 housing crisis, drew parallels between current AI spending and the late-1990s dot-com mania in an October essay, warning that "sometimes, the only winning move is not to play."

Nuanced View: OpenAI CEO Sam Altman acknowledged during an August dinner that while investors may be "overexcited about AI," it remains "the most important thing to happen in a very long time."

Methodology

CNBC scored each respondent on two 0-10 scales: belief that AI is in a bubble and level of concern about it. Responses fell across a spectrum rather than presenting a binary yes/no answer.

Market Implications

The debate centers on whether massive infrastructure investments will meet legitimate AI demand or represent speculative overreach similar to past bubbles. Economic bubbles occur when asset prices rapidly rise due to speculation, followed by sudden crashes—a pattern some analysts fear could repeat in the AI sector.