Baido CEO Robin Li is joining the chorus of experts warning that the AI industry is increasingly looking like a bubble that is about to burst.

Companies are sinking billions into AI development, working to one-up each other and be the first to unlock artificial general intelligence (AGI), when it is believed AI will truly rival human intelligence. Despite the tech industry’s appetite for all things AI, not everyone is convinced the market is stable.

Li is one of those warning the AI bubble is about to burst, likening it to the dot-com bubble that burst in 2000, taking countless early internet companies with it. According to The Register, Li made his comments at the Harvard Business Review Future of Business Conference last week.

In his comments, Li praised the state of AI technology, saying it had largely solved early issues with accuracy.

“The most significant change we’re seeing over the past 18 to 20 months is the accuracy of those answers from the large language models,” he said. “I think over the past 18 months, that problem has pretty much been solved – meaning when you talk to a chatbot, a frontier model-based chatbot, you can basically trust the answer,” he added.

When talking about the “inevitable bubble,” however, Li struck a note of caution.

“Probably one percent of the companies will stand out and become huge and will create a lot of value or will create tremendous value for the people, for the society. And I think we are just going through this kind of process,” stated Li.

Li also stated his belief that AI would not replace human jobs wholesale for at least another 10 to 30 years.

“Companies, organizations, governments and ordinary people all need to prepare for that kind of paradigm shift,” he added.