Alphabet CEO Sundar Pichai has issued a stark warning: if the current surge in artificial intelligence (AI) investment turns into a bubble, no company will be immune — including Google itself. He made the comments during a BBC interview, emphasizing both the promise and the risk inherent in today’s AI boom.

Pichai described the AI moment as “extraordinary,” but cautioned that some of the investment activity has become irrational. He drew parallels with the early internet era, saying that while there was clearly over-investment during the dot-com boom, the internet’s long-term impact was undeniably profound — and he expects AI to follow a similar arc.

Asked directly if Google would be immune to a potential crash, Pichai replied, “I think no company is going to be immune, including us.”

His remarks come amid growing unease in global markets over soaring valuations in AI-focused stocks. Central banks and financial regulators are increasingly sounding the alarm. The Bank of England, for example, recently warned that equity valuations—especially for AI-driven tech firms—appear noticeably stretched, heightening the risk of a sudden market correction.

Pichai also urged caution in how people use AI tools. He told the BBC that users shouldn’t “blindly trust” AI-generated responses, noting that even state-of-the-art models are prone to errors.

Despite the risks, he remained optimistic about AI’s long-term potential: “I expect AI to be the same” as the internet in terms of its transformative power, even if current investments overshoot the mark.