Redazione RHC : 13 October 2025 07:39
At DevDay, OpenAI’s annual conference this week, CEO Sam Altman took questions from reporters, an increasingly rare occurrence among tech leaders. Altman acknowledged the uncertainty surrounding the AI industry today, saying that “many areas of AI are in a state of flux.”
Fears of a new tech bubble are growing in Silicon Valley. The Bank of England, the International Monetary Fund, and JPMorgan CEO Jamie Dimon have expressed similar concerns. Dimon, in an interview with the BBC, emphasized that ” most people should feel more uncertain about the future.”
During Italian Tech Week in Turin, Jeff Bezos, founder of Amazon and one of the richest men in the world, described the current enthusiasm for artificial intelligence (AI) as a ” bubble .” Bezos explained that in moments of great euphoria like the current one, “every experiment gets funded, every company gets funding, regardless of the quality of the ideas.”
During a panel discussion at the Computer History Museum, entrepreneur Jerry Kaplan, founder of the Go Corporation, which developed one of the first tablet computers, recalled having lived through four bubbles and fears that the AI bubble could be even more severe . He believes the amount of money in circulation today far exceeds that of the dot-com era. “When (the bubble) bursts, it’s going to be very bad, and it’s not just the people working in AI who will be affected,” he said. “It could be a drag on the economy as a whole.”
OpenAI, meanwhile, continues to expand . Following the launch of ChatGPT in 2022, the company is at the center of a web of multibillion-dollar deals: a $100 billion deal with Nvidia for new data centers, a billion-dollar AMD hardware purchase plan, and a $300 billion partnership with Oracle. The company is now valued at around $500 billion.
These partnerships have raised concerns among analysts, who characterize them as “revolving financing,” i.e., cross-investments between companies to artificially boost demand. Altman rejects these accusations, arguing that OpenAI’s growth is real, even though the company is not yet profitable.
Some compare the current situation to that of Nortel, the Canadian company that inflated demand by lending to customers in the 2000s. Nvidia CEO Jensen Huang defended the agreement with OpenAI, explaining that “there is no exclusivity” and that the priority is ” fostering the growth of the AI ecosystem.”
Despite the risks, many experts believe that current investments can generate long-term benefits. As Jeff Boudier of Hugging Face observed, “Even if some capital is lost, the infrastructure built today will create the products and services of tomorrow.”
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