It feels like there's obviously a bubble in the private markets
25 November 2025 (Understanding AI). Demis Hassabis, CEO of Google DeepMind, commenting on AI startup valuations in private markets, quoted by Timothy B. Lee and Derek Thompson in a Understanding AI article on the AI bubble debate, November 2025.
Six reasons to think there’s an AI bubble — and six reasons not to
More from Demis Hassabis · AI and money · AI and hype · 2025
Who else?
What it refers to: Seed rounds for AI startups with little or no product valued at tens of billions of dollars, such as Mira Murati's Thinking Machines.
Other voices
- “I start to see the beginning of some kind of bubble” Joe Tsai, Builder,
- “Someone is going to lose a phenomenal amount of money, we don't know who” Sam Altman, Builder,
- “There just isn't enough revenue and there never can be enough revenue” Harris Kupperman,
- “Built on the bodies of the investors” Andrew Odlyzko,
- “What companies mean when they say AI is venture capitalists, please give us money” Emily Bender, Researcher,
- “Companies are already blowing through their annual token budgets, and it's only May” Sundar Pichai, Builder,










