Former Google CEO Eric Schmidt explains why the AI wave is no bubble, but a new industrial shift

Former Google CEO Eric Schmidt does not believe that the AI industry is in the midst of a dot-com-style bubble. In fact, he argues that the current wave marks the beginning of a new industrial era. Since the public rollout of ChatGPT in late 2022, huge investments have been made in AI, with big tech companies rallying behind the technology and portraying it as the next big thing.

However, critics of AI have drawn parallels with the dot-com bubble of the late 1990s, and some, such as Torsten Slok, Chief Economist at Apollo Global Management, have…