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

The speculation surrounding a potential artificial intelligence bubble has become a hot topic in the tech world, particularly as we progress through 2025. The rapid rise in valuations and substantial investments in AI technologies have sparked discussions about the sustainability of this growth, with some experts suggesting that a downturn could be on the horizon. Leading companies in the AI sector, such as OpenAI and Nvidia, have secured monumental deals with cloud infrastructure providers. Meanwhile, industry giants like Amazon, Microsoft, and Google are investing heavily in expanding their data center capabilities. However, this surge in spending, often backed by significant debt financing, has raised concerns that the industry may be overextending itself. Economic bubbles typically arise when asset prices soar due to speculation, only to fall sharply when reality sets in. The dialogue around a possible AI bubble reignited towards the end of last year when Nvidia's CEO, Jensen Huang, addressed these fears during a quarterly earnings call, dismissing the notion of an impending bust. "There's been a lot of talk about an AI bubble," he commented, asserting that their outlook was quite different. Contrasting Huang's optimism, investor Michael Burry, known for predicting the 2008 housing market collapse, voiced his skepticism in a detailed Substack essay. He likened the current exuberance in AI investment to the dot-com bubble of the late 1990s, suggesting that history may be repeating itself. Burry remarked on X in October, "Sometimes, we see bubbles. Sometimes, there is something to do about it. Sometimes, the only winning move is not to play." OpenAI's CEO, Sam Altman, echoed similar sentiments during a recent dinner with journalists, stating, "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." To gauge the collective sentiment on this matter, CNBC surveyed 40 executives and analysts in the tech industry over the past four months. The responses varied widely, highlighting a spectrum of perspectives on the potential for an AI bubble. Each response was evaluated on two scales: the likelihood of an AI bubble and the level of concern regarding it, providing a nuanced view of the current landscape in AI investment.