An increasing number of Silicon Valley investors and Wall Street analysts are starting to ring the alarm bells over the countless billions of dollars being invested in AI, an overconfidence they warn could result in a massive bubble. As the Washington Post reports, investment bankers are singing a dramatically different tune than last year, a period marked by tremendous hype surrounding AI, and are instead starting to become wary of Big Tech’s ability to actually turn the tech into a profitable business. “Despite its expensive price tag, the technology is nowhere near where it needs to be in order to be useful,” Goldman Sach’s most senior stock analyst Jim Covello wrote in a report last month. “Overbuilding things the world doesn’t have use for, or is not ready for, typically ends badly.” Earlier this week, Google released its second-quarter earnings, failing to impress investors with razor-thin profit margins and surging costs related to training AI models. Capital expenditures are surging far past what the company had been spending previously, as the Wall Street Journal reports, with this year’s total spend expected to surpass $49 billion, or 84 percent higher than what the company averaged over the last five years. However, Google CEO Sundar Pichai is holding onto his guns, arguing that the “risk of underinvesting is dramatically greater than the risk of overinvesting for us here.” “Not investing to be at the front here has much more significant downsides,” Pichai told investors on Tuesday. Sure, the tech giant has a…Investors Are Suddenly Getting Very Concerned That AI Isn't Making Any Serious Money