Overview

• Speaking in Turin on Friday, the Amazon founder said prices have detached from fundamentals and that capital is funding both good and bad ideas.
• He argued AI will change every industry and deliver "gigantic" benefits to society even as speculation runs hot.
• As an example of excess, he described investors valuing a six-person startup with no product at about $20 billion, without naming the firm.
• He likened the moment to the dot-com crash and 1990s biotech, saying industrial bubbles can still produce lasting innovations.
• Amazon is expanding data centers and designing its own chips for AI, and other leaders including Sam Altman and Goldman Sachs CEO David Solomon have also warned about overheating.