Cristiano Amon, the CEO of Qualcomm, said that when it comes to the question of an AI bubble, “everybody’s playing to win,” but it’s still too early to predict exactly how it will play out in the long term.
“It’s hard right now to declare who the winners are,” he told the audience at the Fortune Global Forum in Riyadh. “The opportunity is probably bigger than people think, but it’s going to become a competitive environment very soon.”
Comparing the AI industry to the dot-com era, Amon said that the internet is much bigger now than people ever dreamed 25 years ago.
“Who we expected to be the winners in the early days—it changed. It happened at different places in different industries, but it was much bigger than people thought in 1990, and I feel it this way about AI,” he said. “When you think about AI in the long term, it is going to be massive, and it’s probably underestimated.”
Amon called AI a “massive opportunity,” but acknowledged there will be intense competition in the space. He said companies that “have invested in architectures that are able to compete and be able to deal with the efficiency that is going to be required are going to be very well positioned” for this competition.
Earlier this year, Dalio warned that the current cycle on Wall Street appeared to be “very similar” to that seen in 1998 and 1999, before the dot-com bust. OpenAI CEO Sam Altman also weighed in when he suggested over the summer that investors might be “overexcited” about AI and compared the market’s reaction to the dot-com boom.
