Ammon News - As economists speculate whether the stock market is in an AI bubble that could soon burst, OpenAI CEO Sam Altman has just admitted to believing we’re in one. “Are we in a phase where investors as a whole are overexcited about AI?” Altman said during a lengthy interview with The Verge and other reporters last night. “My opinion is yes.”

In the far-ranging interview, Altman compared the market’s reaction to AI to the dot-com bubble in the ’90s, when the value of internet startups soared before crashing down in 2000. “When bubbles happen, smart people get overexcited about a kernel of truth,” Altman said. “If you look at most of the bubbles in history, like the tech bubble, there was a real thing. Tech was really important. The internet was a really big deal. People got overexcited.”

He added that he thinks it’s “insane” that some AI startups with “three people and an idea” are receiving funding at such high valuations. “That’s not rational behavior,” Altman said. “Someone’s gonna get burned there, I think.” Over the past year, we’ve seen several AI startups, including Safe Superintelligence, led by OpenAI co-founder Ilya Sutskever, and Thinking Machines, founded by ex-OpenAI chief technology officer Mira Murati, raise billions of dollars.