Microsoft CEO Satya Nadella has been leading the charge on artificial intelligence for years, owing to his long alliance with OpenAI’s Sam Altman and the groundbreaking work from his own AI CEO, Mustafa Suleyman, particularly with the Copilot tool. But Nadella has not spoken often about the fears that rattled Wall Street for much of the back half of 2025: whether AI is a bubble.
At the World Economic Forum’s annual meeting in Davos, Switzerland, Nadella sat down for a conversation with the forum’s interim co-chair, BlackRock CEO Larry Fink, explaining that if AI growth spawns solely from investment, then that could be a sign of a bubble. “A telltale sign of if it’s a bubble would be if all we are talking about are the tech firms,” Nadella said. “If all we talk about is what’s happening to the technology side then it’s just purely supply side.”
