Giuliano Noci warns that AI euphoria is fading as chip shortages delay returns, signaling a more cautious market view on Big Tech’s AI bets

Executive summary: Giuliano Noci of Polimi warned that excessive AI hype has subsided, chip scarcity is pushing back returns on AI investments, and Big Tech may fail to meet its pledged spending. The statement signals a shift in investor sentiment toward AI, potentially affecting tech valuations, capital allocation, and policy debates on semiconductor supply and digital taxation.

Who is involved: Giuliano Noci (Politecnico di Milano), major technology firms, semiconductor suppliers, investors and analysts.

Likely next: Analysts may revise AI revenue forecasts downward, chip makers could announce capacity‑expansion plans, and Big Tech might delay or re‑allocate AI‑focused capital expenditures.

Giuliano Noci of Politecnico di Milano argues that the recent excitement around artificial intelligence has cooled, pointing to persistent semiconductor supply constraints that push back the profitability of AI investments. He adds that major technology firms may struggle to meet the capital‑expenditure pledges they have made to investors. The commentary reflects a broader market reassessment of AI‑related valuations and the risks tied to chip availability.