No one knows when the artificial intelligence bubble will burst, but several major players in finance are now publicly expressing their concerns about the sector’s risks. At the Global Financial Leaders’ Investment Summit 2026 in Hong Kong, Wall Street executives and major asset managers presented divergent views, as reported in a summary published by Bloomberg.
Among the most notable interventions was that of Emmanuel Roman, CEO of Pacific Investment Management Co., better known as PIMCO, a company specializing in bonds. According to him, the AI market will experience a downturn, “and then, things are going to break.” He estimates that the deployment of AI-related infrastructure could create $2 trillion in financing needs over the next five years, while the entire US bond market is worth about $12 trillion. He also cited, among the possible triggers for such a reversal, interest rate hikes in the United States, a war, or a crisis in the eurozone.
Apollo mentions high uncertainty
PIMCO is not alone in calling for caution. Apollo Global Management, which recently negotiated with SpaceX regarding a $40 billion chip deal, is also warning about the risks associated with AI. Its president, Jim Zelter, told analysts that he expects the company to use “significantly more computing power in the future,” and that AI is progressing rapidly. However, he highlighted the existence of significant uncertainty.
The columnist from The Verge, whose source relies on these statements, himself admits he cannot predict the market’s evolution. He believes it is possible, however, that a major event could disrupt it. He also mentions the IPO of Anthropic, which, in his opinion, could be a great success and reignite enthusiasm, like a guest arriving with a 24-pack of beer at a party that is starting to run out of drinks.
For now, the market is no longer in a phase of euphoria, as the author notes. Calls for caution are multiplying, especially after the “disaster” that occurred at Situational Awareness.
