At the annual New York Times DealBook Summit in Manhattan, top business and political leaders gathered to discuss the rapid rise of artificial intelligence, with many warning of an impending AI bubble. Three years after the launch of ChatGPT, the global race to dominate AI has intensified, with tech giants like Meta, Alphabet, and Microsoft pouring tens of billions into AI infrastructure this year alone. Larry Fink, CEO of BlackRock, one of the world’s largest asset managers, acknowledged the transformative power of AI but cautioned that the current boom could lead to significant failures. “There are going to be some huge winners and huge failures,” Fink told DealBook founder Andrew Ross Sorkin. He noted that while demand for AI is strong, the “hyperscalers”—Amazon, Google, and Microsoft—are already struggling to secure enough computing power. Other leaders echoed this sentiment. Dario Amodei, CEO of Anthropic, emphasized the immense financial risk involved in building AI systems, particularly due to the massive investments required for data centers. He warned that even if AI technology fulfills its potential, companies that make small missteps in timing or strategy could face severe consequences. “Even if the technology fulfills all its promises, I think there are players in the ecosystem who, if they just make a timing error, they just get it off by a little bit, bad things could happen,” Amodei said. He described Anthropic’s approach as cautious, focusing on long-term partnerships with enterprise clients and conservative investment in compute. In contrast, he suggested some competitors are taking reckless risks, using the term “YOLOing” to describe a high-stakes, all-in strategy. While he did not name them, his comments were seen as a subtle critique of OpenAI and its former leader, Sam Altman, referencing OpenAI’s recent internal “code red” memo about competitive threats from Google. The conversation also turned to national security and global leadership. Fink stressed that underinvestment in AI and digital transformation could allow other nations to surpass the U.S. in intelligence, defense, and economic innovation. Amodei echoed this, advocating for stronger government involvement in regulating AI development and restricting the export of critical hardware—specifically Nvidia chips—to China. He argued that if advanced AI models end up in authoritarian regimes, those countries could gain a strategic edge across multiple domains. Taiwan’s President Lai Ching-te, whose country is a global leader in semiconductor manufacturing, joined the discussion by calling for international cooperation to ensure AI develops sustainably. “Leaders around the world, especially those from countries with AI-related industries, should work together and take necessary measures to ensure AI develops sustainably and has a soft landing so that it can drive long-term global growth,” he said. Despite their differing roles and interests, the message from the summit was clear: AI is here to stay, but the path forward will be fraught with risk. The winners will likely emerge from those who balance innovation with prudence, while the losers may be those who overextend too quickly in the race for dominance.