"The phrase "AI bubble" appeared in 42 earnings calls and investor conference transcripts between October and December - a 740% increase from the previous quarter, according to an AlphaSense analysis. In the third quarter of 2025, five transcripts mentioned the term. The quarter before that, four. For all of 2024, executives and analysts used the phrase in 24 transcripts total. In 2023, it was nine. (The analysis counted transcripts where "AI" and "bubble" appeared within five words of each other.)"
"At UBS's Global Technology and AI Conference on December 2, AMD CEO Lisa Su told investors, "from the standpoint of, you know, do we see a bubble? We don't see a bubble." Nvidia CFO Colette Kress similarly swatted the premise aside, describing it onstage as a "supposed AI bubble." Her boss, CEO Jensen Huang, said as much in Nvidia's November earnings call. "There's been a lot of talk about an AI bubble," he said. "From our vantage point, we see something very different.""
Mentions of the phrase "AI bubble" spiked to 42 occurrences in earnings calls and investor transcripts between October and December, a 740% increase from the previous quarter. In Q3 2025 five transcripts mentioned the term, four in the prior quarter, 24 total in 2024 and nine in 2023. Dozens of companies across semiconductors, cloud infrastructure, financial services and industrials faced questions about whether the AI boom is a bubble. Several executives publicly dismissed the idea, while some firms re-run capital math and probe potential slowdowns in customer capacity plans. Only demonstrable profits will quiet the talk.
Read at Business Insider
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