Sundar Pichai says AI has bubble risk

$GOOGL CEO Sundar Pichai was asked directly whether AI is in a bubble.
He said yes.
That answer matters because most tech CEOs avoid calling out excess while the cycle is still running.
The message is not that AI is fake.
It is that real technology can still attract too much capital, too much hype, and too many unrealistic expectations.
For investors, that distinction matters.
The internet was real in 1999 too.
The question is whether valuations, capex, and revenue timelines are moving faster than the economics can support.