Highlight from Google boss Sundar Pichai warns 'no company immune' if AI bubble bursts

In comments echoing those made by US Federal Reserve chairman Alan Greenspan in 1996, warning of “irrational exuberance” in the market during the dotcom boom and well ahead of that market crashing in 2000, Mr Pichai said the industry can “overshoot” in investment cycles like this.

“We can look back at the internet right now. There was clearly a lot of excess investment, but none of us would question whether the internet was profound,” he said.

“I expect AI to be the same. So I think it’s both rational and there are elements of irrationality through a moment like this.”