The debate over whether artificial intelligence is in a bubble continues to heat up, with prominent business leaders offering sharply differing views. While some, like OpenAI CEO Sam Altman and Microsoft co-founder Bill Gates, warn of a potential crash fueled by excessive hype and overinvestment, others, including Mark Cuban, Jensen Huang, and Jeff Bezos, remain confident in AI’s long-term value and momentum. Sam Altman has expressed concern that investor enthusiasm for AI is outpacing realistic expectations. He believes the current frenzy could lead to a correction, with many companies failing to deliver on promises. Similarly, Bill Gates has drawn parallels between today’s AI market and the dot-com bubble of the late 1990s. While acknowledging that AI is a transformative breakthrough—calling it the most significant technical development of his lifetime—he warns that many current investments may be unsustainable. He highlighted the risk of companies overcommitting to expensive data centers with unaffordable energy costs, a scenario that could lead to financial losses. Mark Cuban, on the other hand, is less convinced that a bubble is imminent. He points to the high quality of AI-related companies going public and the strong fundamentals behind many of them. He believes the market is not as overinflated as some suggest, and that real innovation and demand are driving the growth. Meta’s Mark Zuckerberg sees potential risks, noting that AI could follow the path of the dot-com era if progress stalls. However, he argues that as long as AI models continue to improve and demand grows, the boom may be sustainable. For Meta, the greater danger lies in underinvesting rather than overcommitting. OpenAI chairman Bret Taylor agrees that a bubble exists, but he also believes that AI will deliver massive economic value, much like the internet did. He notes that some companies that failed during the dot-com era were simply ahead of their time—like Webvan, which predated the smartphone and widespread mobile internet. Today’s success stories, such as Instacart and DoorDash, show that the same ideas can thrive with better infrastructure and timing. Jeff Bezos remains optimistic, arguing that even if a bubble bursts, the long-term benefits to society will be profound. He believes AI will transform nearly every industry, from healthcare to transportation, and that the overall impact will be positive. Other leaders echo this sentiment. Nvidia’s Jensen Huang, whose company has become the backbone of the AI infrastructure boom, says his company actively uses and invests in AI services, signaling strong confidence. Eric Schmidt, former Google CEO, believes people are misreading the signs, while Pat Gelsinger, former Intel CEO, says businesses are only beginning to realize AI’s potential. Alibaba’s Joe Tsai is concerned about the pace of investment in certain areas, particularly around data and compute, while Ray Dalio cautions that revolutionary technology does not always translate into successful investments. C3.ai’s Tom Siebel has openly criticized OpenAI’s valuation, calling it overinflated. In contrast, AMD’s Lisa Su argues that the bubble debate misses the bigger picture—AI is not just a trend, but a foundational shift in computing. As the AI race accelerates, the debate continues: is this a historic opportunity or a dangerous overreach? The answer may depend on who you ask.