Tech leaders at Toronto conference downplay warnings of AI ‘bubble’
Global News
The rapid growth of artificial intelligence has led to warnings from some observers of a "bubble" destined to burst.
The rapid growth of artificial intelligence has led to warnings from some observers of a “bubble” destined to burst, but tech leaders say there’s good reason to believe the sector won’t suffer the same fate as the dot-com crash of the early 2000s.
There are key differences between the application of AI infrastructure still being built and the internet boom of the late 1990s, said Nvidia senior vice-president of networking Kevin Deierling. Back then, everything needed to be built from scratch and companies weren’t immediately ready to use the technology.
“There was a lag,” said Deierling, speaking in Toronto on Wednesday alongside other tech sector executives on the sidelines of the Cisco Connect conference.
“All of a sudden I have all this bandwidth for the internet and the dot-com era, but now I actually need Amazon and Uber and Netflix and all of these other businesses.”
While those use cases did develop over time, Deierling said AI doesn’t have to wait decades. He said applications for software built on AI technology “already exist” and companies can take advantage of them right away.
“In the dot-com era, by the late 1990s, early 2000s, you started to see inventory build up … and people were shipping things that actually weren’t selling through. We don’t see that at all,” he said in an interview.
“This stuff gets used as soon as it gets built.”
The hopeful outlook came just hours before the company reported its latest quarterly earnings, potentially easing some analysts’ recent jitters. The company posted net income of US$31.9 billion for the third quarter, up from US$19.3 billion a year ago, while revenue rose 62 per cent.
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