The real value of AI

AI will inevitably change the world but the hype cycle must be separated from underlying value

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TWO INFLUENTIAL VOICES-Alphabet's Sundar Pichai and investor-writer Ruchir Sharma-have, in quick succession, warned that the world maybe in the midst of an AI bubble or AI mania. Their perspectives matter not because they dampen optimism about artificial intelligence (AI), but because they force us to distinguish between genuine technological transformation and market euphoria masquerading as inevitability. Pichai's caution is noteworthy precisely because it comes from an industry leader whose fortunes rise with Al's ascent. When he urges restraint and warns of "over-expectations" reminiscent of past tech cycles, he is not forecasting the collapse of AI itself. Rather, he is asking whether the breakneck expectations-of instant productivity explosions, exponential revenue curves, and flawless deployment-are misaligned with the slower, more incremental reality of integrating AI into businesses and society. Sharma's warning is sharper: he has argued that the current enthusiasm bears all the hallmarks of a speculative frenzy. The concentration of market gains in a handful of tech giants, the meteoric rise in stock price