Qualcomm CEO Cristiano Amon said it’s too early to call winners in the AI race, comparing the current boom to the dot-com era while predicting the technology will bring long-term, transformative impact. His comments come amid growing concerns from industry leaders that soaring AI valuations may signal a developing market bubble.

Cristiano Amon, the CEO of Qualcomm, said that when it comes to the question of an AI bubble, “everybody’s playing to win,” but it’s still too early to predict exactly how it will play out in the long term.

“It’s hard right now to declare who the winners are,” he told the audience at the Fortune Global Forum in Riyadh. “The opportunity is probably bigger than people think, but it’s going to become a competitive environment very soon.”

Comparing the AI industry

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