Azeem Azhar

Okay, so imagine I'm that pilot in the plane.

I've got my five gauges.

When I look at them, most of them are green.

One is maybe trending into amber and one is in amber, but it's trending back down to the green.

It feels quite safe.

It feels like we're not yet in bubble territory.

But of course, you have to keep watching your instruments.

Tulips only left a footnote in the history books.

But railways and the web rewired the world.

We're still using some of that infrastructure today.

Artificial intelligence looks a lot like the latter.

And my gauges for now say that this is still in the boom phase rather than the bubble phase.

But keep in mind that the question of whether a technology is a bubble is fundamentally a financial one.

Even if there is a financial bubble brewing around artificial intelligence and it bursts, it doesn't make the technology any less revolutionary, any less meaningful, or any less useful.

We'll still be left with the infrastructure for an AI economy.

We will be left with companies building and investing with a greater deal of financial discipline.

We will be left with a lot of talent that knows how to build these models, the applications on top of them, make them safe, make them reliable.

And there will still be billions of people using AI every day.

We still, after all, use train tracks and websites, even though their bubbles burst a very long time ago.

Today I want to talk about GPT-5.