OpenAI Chief Executive Officer Sam Altman said in separate media briefings that the artificial-intelligence sector is exhibiting classic signs of a speculative bubble, likening current investor enthusiasm to the late-1990s dot-com boom. “Are we in a phase where investors as a whole are overexcited about AI? My opinion is yes,” he told The Verge, adding that some backers could end up “very burnt.” Altman nonetheless maintained that AI remains “the most important thing to happen in a very long time.” Altman acknowledged the apparent contradiction between his bubble warning and OpenAI’s own capital plans, noting the company still expects to spend “trillions of dollars” on data-center infrastructure in the coming years. Record funding rounds across the industry and soaring valuations for start-ups and incumbent technology giants have intensified debate over whether AI investment is outpacing near-term commercial returns; some Wall Street analysts argue the spending surge is justified by demand, while others see signs of froth. In the same discussions, Altman cautioned that the United States may be underestimating the speed and scale of China’s progress in next-generation AI systems, and that export controls by themselves are unlikely to contain Beijing’s advance. His remarks underline growing geopolitical concerns even as money continues to pour into the sector.