The industry of artificial intelligence (AI) surprises every day. The possibility of reducing errors in daily tasks, improving productivity or even appearing in an image with a loved one who is no longer with us are just some of the things that this type of technology allows us. However, for some time now it has also generated concern about a possible bubble around AI, which mainly affects investors.
A few days ago, the CEO of Alphabet, Google’s parent company, Sundar Pichai, stated in an interview with the BBC that the same thing will happen with AI as with the rise of the Internet, where no one would doubt its importance, but where also “there was an excess of investment.”
Furthermore, he warned that if the bubble burst, it would affect all companies, including the one he represents, since none would be “immune” to this situation.
And the enthusiasm for this technology has led to investments continuing to add up. In 2024, disbursement reached approximately US$124.3 billion; As of August of this year, it has already exceeded US$155 billion, and by 2026 it is estimated to exceed US$400 billion. Despite these figures, which seem enthusiastic, doubts persist about whether companies will maintain their spending on this type of technology.
For now, uncertainty has hit the United States stock market. This week, for example, the stock market in its S&P indicator accumulated a decline of 2.11%.
In this regard, Kallpa SAB investment analyst, Yordin Lozano, stated that in recent weeks there has been concern about the sustainability of investments in artificial intelligence.
“We see that they are quite intensive capital investments, but to what extent are they sustainable? That is what worries the market, as well as whether all this investment justifies the growth of profits in the future,” he commented.
This situation, as detailed, has generated a moderation in the growth of the performance of shares linked to this technology when compared to the result of 2024. “There are companies that have not consolidated the same growth that they had in previous stages,” he added.
For his part, Daniel Romero, from Diviso Bolsa SAB, agreed that there are adjustments due to expectations of what the profits of companies linked to high technology mean.
“Many AI companies have risen above the fundamental value they had. They are already close to the ceiling, so it was predictable that there would be adjustments. Later it will depend on how growth expectations move,” he explained.
TRANQUILLITY
For now, Nvidia, the American company that develops artificial intelligence chips, has tried to calm the market and dispel uncertainty about the bubble. To this end, it reported that its revenue in the fourth quarter would reach US$65 billion.
The company’s CEO, Jensen Huang, assured that the demand for computing continues to accelerate and multiply, and declared that AI “is present everywhere.” Furthermore, he stated that “there is no bubble” to worry about. “We see growth opportunities for a long time,” he highlighted.
Someone who also wanted to calm things down is the founder of Amazon, Jeff Bezos, who has pointed out that what we are experiencing “is an industrial bubble and not a financial one.” “Amid the enthusiasm, investors find it difficult to distinguish between good and bad ideas,” he explained a few weeks ago during the Italian Tech Week 2025.
For Enrique Díaz, founder of MC&F, it must be taken into account that the stock markets are volatile and can lead the market to interpret that some things have not gone as expected.
“There are those who say that the AI market is inflated, but that is difficult to prove. The valuation of shares is based on their future performance, so if the market believes that companies related to artificial intelligence still have a higher ceiling, they will go up. What has happened here is that it has been interpreted that some companies in this sector have not performed as positively as was believed, although there are exceptions,” he highlighted.
The latter, as he noted, is what has generated nervousness, since it does not perform as expected or in line with market expectations. “So it is not that it is bad, it is that it is against expectations, with more moderate progress,” he explained.
Likewise, he pointed out that the trend in the performance of this type of technology is still high. However, he always recommended diversifying investments to avoid being affected by this type of fluctuations.
“We are in a world where we have to look carefully, although it is still moving forward, but where no one can assure you that it cannot go bankrupt in the future. Therefore, the only recommendation is to diversify,” he highlighted.
