在達沃斯，AI泡沫總是別人的問題

Search

In Davos, the AI bubble is always someone else's problem

Add Axios as your preferred source to

see more of our stories on Google.

Writer CEO May Habib, Snowflake CEO Sridhar Ramaswamy and Meta CTO Andrew Bosworth. Photos: Dani Ammann Photography for Axios

There may be an AI bubble forming, but everyone in Davos is convinced they won't be the ones left holding the bag.

Why it matters: Businesses are investing almost unfathomable sums in AI, but there is a growing sense that at least some companies won't be able to recoup their massive investments.

The big picture: AI remains the talk of Davos as CEOs and political leaders remain convinced that the technology is leading to a massive societal shift.

The other side: Even if you agree AI is real and significant, the internet was real, too, and that didn't prevent the dot-com bust.

Zoom in: So who is safe and who is vulnerable if the tide turns? If you ask the big guys, they will be fine.

Others claimed they would be insulated because they aren't building the infrastructure and can pay as they go instead.

Writer CEO May Habib pointed to the biggest AI labs — Anthropic and OpenAI — as the ones most at risk.

Snowflake CEO Sridhar Ramaswamy warned, however, a bubble burst would have sweeping impacts.

Zoom out: In a few decades' time, all of the investment will have been worth it, many execs agreed.

Yes, but: Plenty of companies won't survive long enough to reap the rewards, Bosworth acknowledged.

Between the lines: Bosworth points out that consumers will win regardless, given all the compute power that is being unleashed.

What we're watching: Obviously everyone is waiting for signs of a bubble popping. But also important is just how long any downturn lasts before the next upswing.

Axios' Amy Harder contributed to this report.

Axios Media Inc., 2026