Does Sundar Pichai Think AI Is a Bubble?

Sundar Pichai does not treat this build as a fiber-style overbuild. Over a long enough timeframe it makes complete sense to him. He calls these the early stages of the most consequential technology ever. The compute is in use, not sitting dark, Google is capacity constrained every day, and the applications and the technology are improving quickly.

He plans Google's own compute from demand signals, revenue already committed in contracts, internal evals, how the company uses the models, and where the models are headed. The stance he describes is confident and aggressive, and still disciplined. He does not try to score every other company's risk. An overbuild is possible, he says, because a data center needs memory, electricity, electricians, land, and something like 2,000 components or more. A bottleneck or an outside shock can leave capacity unused. He is confident the compute Google is planning will have uses, given enough time.