Sundar Pichai, CEO of Alphabet (which owns Google, stock code GOOG, GOOGL), said that given the soaring valuations and huge investment scale in the field of artificial intelligence, the market is increasingly worried about the existence of a bubble in the field. If this wave of artificial intelligence craze collapses, no company will be unscathed.
In a BBC interview released on Tuesday, Pichai called the current wave of investment in artificial intelligence an "extraordinary moment" but acknowledged that there are "irrational elements" in the market - a statement that echoed warnings about "irrational exuberance" during the dot-com bubble era.
There is also considerable debate among analysts over whether valuations in the AI space are sustainable.
Asked how Google would respond to a potential bubble burst, Pichai said he believed Google would be able to weather the storm, but added: "I don't think any company is immune, including us."
Alphabet's stock price has risen about 46% this year, thanks to investors' optimism about Google's ability to compete with ChatGPT parent company OpenAI (OPAI.PVT).
In the United States, concerns about overvaluation in the field of artificial intelligence have begun to weigh on the overall market; at the same time, British policymakers have also pointed to the risk of a bubble in the field.
In September, Alphabet pledged to invest £5 billion over two years in UK AI infrastructure and research, including building a new data center and additional investment in its London-based AI lab, DeepMind.
In an interview at Google's California headquarters, Pichai also revealed to the BBC that Google will start training artificial intelligence models in the UK. British Prime Minister Keir Starmer hopes that this move will help the UK achieve its goal of becoming the world's third artificial intelligence "superpower" after the United States and China.
In addition, Pichai also warned that the demand for energy in the field of artificial intelligence is "extremely huge." He said that as Google continues to increase its computing power, Alphabet's goal of achieving net zero emissions will be forced to delay.