Sundar Pichai

Google chief Sundar Pichai is urging caution as the world races deeper into artificial intelligence, warning that no company — not even one of the industry’s dominant players — would escape unscathed if the AI boom abruptly cools. Speaking at Alphabet’s California headquarters, he said the current surge of investment is extraordinary but tinged with unmistakable “irrationality,” echoing the speculative fever that preceded the dot-com crash two decades ago.

The sector’s explosive growth has pushed valuations to historic heights. Alphabet’s market value has doubled in just seven months, reaching $3.5 trillion as investors rally behind its progress in AI chips …