Bill Gates warning on AI: Tons of investments will be dead ends and …

Microsoft founder Bill Gates has warned that tons of investments in artificial intelligence (AI) will be “dead ends”. During an appearance on CNBC’s “Squawk Box”, Gates said that his opinion is not a product of pure speculation. Stating that we are in the middle of an AI bubble, he pointed to the example of “tulip mania” during the 1630s in the Netherlands. During this period, the price of tulips soared for several years only to suddenly crash. “That’s not where we are,” Gates said. Instead, he compared the AI bubble to the dot-com era when several internet-based companies became overvalued, leading to a significant crash.

“In the end, something very profound happened. The world was very different,” Gates said. “Some companies succeeded, but a lot of the companies were kind of me-too, fell behind, burning capital companies.”