"Everybody's asking me about it, 'Is there a bubble here?' Absolutely there's a bubble. It's huge," he tells Fortune in an exclusive interview at C3.ai's New York offices. Siebel compares the AI industry's current state to the dot-com bubble, pointing out that while AI represents a significant technological advancement, many companies are overvalued. He believes that, like the internet eventually did for some companies, the potential of AI won't shield every one from downfall.
"So we have this similar thing going on with generative AI that we've seen with previous technologies," Siebel said. "The market is way, way overvaluing." While Siebel recognizes the promise of generative AI applications, he stresses the importance of realistic valuations and cautions against investor exuberance that could lead to significant market corrections.
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