Sam Altman — CEO, OpenAI

“Are we in a phase where investors as a whole are overexcited about AI? My opinion is yes,” Altman said in mid-August, adding that, “When bubbles happen, smart people get overexcited about a kernel of truth.” OpenAI has a $500 billion valuation, so Altman can admit he’s surfing a bubble while still raising its tide.

Jensen Huang— founder & CEO, Nvidia

No one benefits more from AI enthusiasm than Huang, and perhaps no one sounds less worried about it. “This year, particularly the last six months, demand of computing has gone up substantially,” he recently told CNBC.

Lisa Su — CEO, AMD

Critics, Su recently told Yahoo Finance after AMD’s OpenAI partnership, are “thinking too small.” That conviction has become AMD’s corporate mood: pragmatic swagger. “You have to really look at what the power of this technology can do for the world,” she said, adding that she thinks this is the start of a “10-year… supercycle” rather than late-stage froth.

Mark Zuckerberg — founder & CEO, Meta

Zuckerberg has flirted with both sides of the argument. “An AI bubble is quite possible,” he said — before immediately adding that the greater risk is underinvesting. “If we end up misspending a couple of hundred billion dollars,” he said, “the greater risk is on the other side.” Meta is pouring billions into models, devices, and data centers, accepting volatility as the entry fee for the next platform shift.

Jeff Bezos — founder, Amazon

At Italian Tech Week earlier this month, Bezos called the current boom “a kind of industrial bubble,” then added, “the ones that are industrial are not nearly as bad — they can even be good,” explaining that speculative eras sometimes leave durable legacies. “Investors have a hard time … distinguishing between the good ideas and the bad ideas,” he said, but argued that “AI is real, and it is going to change every industry.” The benefits, he added, “are going to be gigantic.” And when “the dust settles and you see who are the winners — society benefits from those inventions.”

Jamie Dimon — chairman & CEO, JPMorgan Chase

Dimon’s version of caution sounds like foreboding. He’s said he’s “more worried than others” about how investors are treating AI valuations, warning that too much cheap capital has chased too few defensible ideas. In a BBC interview last week, Dimon said “AI is real… [and] will pay off,” but warned that some of the money pouring in “will probably be lost.” JPMorgan is investing heavily in machine-learning tools. But he’s wary of moral hazard — of an economy betting on productivity gains that haven’t yet materialized.

Michael Dell — founder & CEO, Dell Technologies

Dell’s tone is pragmatic, somewhere between optimism and fatigue. He says he doesn’t see a bubble — not yet. Demand for compute, he argues, is real and compounding — “very solid,” he said — though he concedes the data-center rush could eventually hit a too-many-built point. “I’m sure at some point there’ll be too many of these things built, but we don’t see any signs of that," he said.

Pat Gelsinger — former CEO, Intel

“Of course… we’re in an AI bubble,” Gelsinger told CNBC in October, before quickly adding that he doesn’t expect it to pop for “several years.” Having watched the dot-com frenzy from inside Intel’s glass towers two decades ago, Gelsinger knows what speculative euphoria feels like. But this time, he said, the leverage is industrial, not digital: “We’re hyped, we’re accelerating, we’re putting enormous leverage into the system.”

David Solomon — chairman & CEO, Goldman Sachs

Solomon is sounding the alarm from Wall Street’s corner office. He warned recently that vast sums are being deployed into AI projects and that “there was a lot of capital that got invested that didn’t deliver returns,” drawing parallels to the late-’90s tech run-up. He told clients, “I wouldn't be surprised if in the next 12 to 24 months we see a drawdown with respect to equity markets,” he said. “But that shouldn’t be surprising given the run we’ve had.”