Kamath, who hosts the popular WTF Podcast, pressed Musk on which companies—apart from his own—are best placed to ride the AI wave. Musk pointed to Google and Nvidia as clear front-runners. Google, he said, “has laid the groundwork for an immense amount of value creation from an AI standpoint,” while Nvidia’s central role in powering the ecosystem is now “obvious.”
Musk argued that the sheer output generated by AI, robotics, and even spaceflight will eventually overshadow all other sectors. “Companies that do AI and robotics—maybe spaceflight—are going to be overwhelmingly where all the value is,” he said. “The output of business services from AI and robotics is so high that it will dwarf everything else.”
Musk, however, was quick to clarify that he doesn’t approach the world as an investor. “I don’t really buy stocks,” he said. “I just try to build things. There happens to be stock of the company that I built, but I don’t think about whether I should invest in this company. I don’t have a portfolio or anything.”
Musk’s remarks come just day’s after Google CEO Sundar Pichai cautioned that a potential correction in the AI market would have sweeping consequences. “No company would be immune, including us,” he noted, describing the surge in AI investments as extraordinary but accompanied by pockets of clear irrationality.
A similar sentiment was voiced by JPMorgan’s Jamie Dimon, who said that while AI investments will ultimately generate returns, a portion of the capital flowing into the sector is almost certain to be wiped out.
These warnings echo mounting concerns among investors and analysts that equity markets may be replaying the excesses of the late-1990s dotcom era, when early internet companies saw valuations skyrocket on optimism before the bubble burst in 2000, sending many stocks crashing.
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