In recent days, warnings of an AI bubble have come from the Bank of England, the International Monetary Fund, as well as JP Morgan boss Jamie Dimon who told the BBC “the level of uncertainty should be higher in most people’s minds”.

And here, in what is often considered the tech capital of the world, concerns are growing.

At a panel discussion at Silicon Valley’s Computer History Museum this week, early AI entrepreneur Jerry Kaplan told a packed audience he has lived through four bubbles.

He’s especially concerned now given the magnitude of money on the table as compared to the dot-com boom. There’s so much more to lose.

“When [the bubble] breaks, it’s going to be really bad, and not just for people in AI,” he said.