OpenAI CEO Sam Altman warned that the billions of dollars being plowed into the artificial intelligence arms race risks causing a bubble comparable to the dot-com crash of the early 2000s.

“When bubbles happen, smart people get overexcited about a kernel of truth,” Altman said during a dinner with a group of journalists, The Verge reported on Friday.

“Are we in a phase where investors as a whole are overexcited about AI? My opinion is yes. Is AI the most important thing to happen in a very long time? My opinion is also yes.” 4

Altman likened the AI funding rush to “the tech bubble,” when investors “got overexcited” about internet-based companies in the late 1990s.

Between March 2000 and October 2002, the Nasdaq lost nearly 80% of its value after many of these online companies fa

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