Nokia's CEO Justin Hotard said artificial intelligence is driving a long-term growth trend that resembles the internet boom of the 1990s, but downplayed concerns about a potential bubble.

Hotard's remarks come amid growing debate over whether the surge in AI investment is sustainable.

"I fundamentally think we're at the front end of an AI supercycle, much like the 1990s with the internet," Hotard said in an interview with Reuters. "Even if there's a bubble, a trough, we'll look to the longer-term trends. And right now, all those trends are very favourable."

A Bank of America survey this month showed that more than half of fund managers believe AI stocks are in a bubble.

Amazon founder Jeff Bezos and OpenAI CEO Sam Altman have also cautioned that investor excitement could lead to major

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