Nokia’s Chief Executive Officer, Justin Hotard, recently emphasized that the ongoing surge of investment in artificial intelligence is highly unlikely to decelerate any time soon, describing the phenomenon as part of a far-reaching technological “super cycle.” Speaking in an interview with CNBC on Thursday, Hotard addressed the outlook for AI funding and development, asserting that artificial intelligence represents not a fleeting fashion or temporary hype, but rather a long-lasting secular growth trend destined to extend across many years.
Expanding on his assertion, Hotard explained that current AI activity is largely concentrated within the domain of large language models (LLMs), which today dominate the field by enabling systems capable of understanding and generating human language. However, he emphasized that the technology’s potential remains only partially realized, as numerous industries have only just begun to integrate AI-driven systems. For instance, areas such as autonomous vehicles—self-driving cars and similar innovations—are still in the early stages of market penetration, with limited adoption compared to the scale that experts foresee. Likewise, emerging technologies like augmented and virtual reality, including smart glasses and immersive digital environments, have achieved only minimal consumer and enterprise deployment. Robotics, another field anticipated to benefit immensely from advanced AI, also lingers far from widespread application. According to Hotard, these underdeveloped sectors underscore how humanity currently stands at the threshold of a much broader wave of innovation, suggesting that the real transformation propelled by AI remains in its infancy.
Hotard assumed the dual roles of President and CEO of Nokia in April, succeeding his previous leadership position as Executive Vice President and General Manager of Intel’s Data Center & AI Group. Drawing from his deep background in both high-performance computing and artificial intelligence, he further observed that the current surge in AI demand is creating immense pressure for network infrastructure expansion. The proliferation of AI models—especially those requiring substantial data processing and real-time responsiveness—is driving telecommunications companies to enhance their networks, both in scale and sophistication. This growing infrastructural need, Hotard noted, reflects not just a temporary condition but a broader tectonic shift in global digital architecture.
Responding to questions about speculative concerns surrounding an “AI bubble,” Hotard urged caution against short-term or overly simplistic interpretations. He acknowledged that, like the internet during its formative period, artificial intelligence has experienced a dramatic upsurge in investment and market enthusiasm that some analysts label as inflated. Yet history, he argued, offers perspective: even after the bursting of the dot-com bubble, the long-term growth that followed eclipsed prior valuations and laid the foundation for the digital economy we know today. “Yes, there was a bubble in the internet,” Hotard reflected, “but if you view that development across a span of several years, what follows the correction is substantial, sustainable growth that surpasses the initial speculative wave.”
While he conceded that predicting short-term market fluctuations—on a quarterly or annual basis—is inherently difficult, Hotard maintained unwavering confidence in AI’s longer-term trajectory. In his view, the transformative scope of artificial intelligence across industries such as telecommunications, manufacturing, automotive, and consumer technology will generate opportunities that are, in his own words, “massive.” This conviction reinforces Nokia’s strategic positioning to leverage the AI revolution not only as a technological partner but as a key enabler of next-generation digital infrastructure.
A representative for Hotard and Nokia declined to provide additional comments when contacted by Business Insider for further clarification.
Meanwhile, voices from other major technology players echo both optimism and caution. Nick Clegg, formerly the United Kingdom’s Deputy Prime Minister from 2010 to 2015 and later Meta’s President of Global Affairs, expressed in an October 15 interview with CNBC that while artificial intelligence undeniably demonstrates extraordinary dynamism, certain characteristics suggest it bears features reminiscent of speculative overexcitement—or what economists might describe as bubble-like behavior. Clegg, who joined Meta in 2018 and departed in January, remarked that the current pace of corporate dealmaking and capital deployment within AI borders on frenetic intensity, occurring on almost a daily—if not hourly—basis. This frenetic activity, he suggested, naturally raises the possibility that some degree of correction could occur as the market matures.
Nevertheless, most large technology conglomerates appear undeterred. The scale of AI investment continues to soar, with companies allocating billions toward data infrastructure necessary to fuel the next generation of machine learning systems. In September, Meta CEO Mark Zuckerberg revealed that his firm plans to invest at least $600 billion by 2028 into U.S. data centers and related infrastructure in order to sustain the company’s escalating AI ambitions. In a podcast interview aired on September 18, Zuckerberg acknowledged that an AI bubble was “quite possible,” yet asserted that strategic prudence should favor over-investment rather than restraint. In his reasoning, the potential cost of missing the wave of technological progress far outweighs the financial risk of overspending. “If we end up misspending a couple hundred billion dollars,” Zuckerberg explained candidly, “that would, of course, be unfortunate. But ultimately the greater risk lies on the opposite side—failing to invest sufficiently in what could become one of the defining technologies of our era.”
Taken together, these perspectives from industry leaders—Hotard’s conviction in AI’s enduring momentum, Clegg’s tempered caution about exuberance, and Zuckerberg’s bold willingness to overcommit resources—paint a comprehensive picture of an industry in transition. Artificial intelligence stands at once as a catalyst for extraordinary growth and as a focal point of economic speculation. Yet, as Hotard argues, for all the market noise and uncertainty, the structural underpinnings of this “super cycle” suggest that AI’s role in reshaping industries and infrastructure around the world is only just beginning.
Sourse: https://www.businessinsider.com/nokia-ceo-ai-investments-will-not-slow-down-super-cycle-2025-10
