Do we have an AI bubble? Expert panel at DNB discusses technology, market, and future.

Technological advancements and investment willingness

The panel agreed that AI technology has made enormous progress in a short time, and that the areas of application are growing both in small and large ways. Examples from everyday life, such as the use of ChatGPT for translations, illustrate how quickly technology has become a part of daily life. At the same time, the participants point out that there is still great uncertainty about which business models will be profitable and who will ultimately emerge as winners.

The market: Bubble tendencies, but no panic

There is broad agreement that there are bubble tendencies in the AI market, but that we are not near the dotcom bubble of the late 90s. The pricing of the fastest-growing companies is high, but not extreme. Volatility has increased, and there are large fluctuations between different sectors and companies. The semiconductor sector is particularly highlighted as an area with high risk, given the enormous investments and the potential for temporary overcapacity.

Companies in focus: Nvidia, Google, and OpenAI

• Nvidia has been the flagship in the AI rally, with a growth of a whopping 66 percent last quarter. The company provides critical hardware (GPUs) for AI training and use, and the demand has been enormous. At the same time, there is uncertainty about whether Nvidia can maintain its growth, especially if major customers like Meta and Google consider alternatives to Nvidia chips.
• Google has strengthened its position in recent months with the launch of Gemini 3, and several in the panel believe Google has now caught up with OpenAI in certain areas. Google also has a strong position in advertising, which could be decisive when AI services are to be commercialized.
• OpenAI has been at the center of the AI hype since the launch of ChatGPT, but now faces challenges related to funding and business model. The company has large outstanding contracts and is dependent on finding sustainable revenue streams, either through subscriptions, advertising, or new services.

Cross-investments and financing

One concern raised is the degree of cross-investments among the largest AI players, which may make the market less transparent and harder to analyze. At the same time, it is the large, profitable technology companies that account for the bulk of investments, and these have solid business models and good access to capital. It is also pointed out that the energy needs of data centers are a bottleneck, especially in Europe where energy prices are high.

Business models and willingness to pay

A central question is how AI services will be commercialized. The panel points out that there is a willingness to pay for good services, but it remains to be seen which pricing models will gain traction – whether subscription, advertising, or transaction-based solutions. There is also some concern that large companies have not yet adopted AI to a sufficient degree, but this is expected to come gradually.

Diversification and patience

Experts recommend investors to keep a cool head, stay invested, and ensure good diversification. Even though there is uncertainty and fluctuations, it is the solid, profitable companies that dominate the AI market today. The timing of entering or exiting the market is difficult, and it is better to be invested over time than to try to time the market. For those concerned about a potential bubble, it may make sense to consider weighting up in sectors such as healthcare, which can benefit from AI without being as exposed to the largest fluctuations.

Conclusion: No definitive answer – but great opportunities

The panel concludes that there is no simple answer to whether we have an AI bubble or not. The uncertainty is significant, but so are the opportunities. The most important advice is to closely follow developments, be aware of risks, and ensure a robust portfolio. The AI revolution is in full swing – and there is still much at stake.