AI in 2026: Hype, Hope, or Hard Reality?

Perspectives on price trends, tech evolution, and what’s driving it all.

Interview with Nicolas Moch, Head of SEBx

Introduction

As we approach the end of 2025, the conversation around Artificial Intelligence (AI) remains intense. Is the hype justified, or are we heading toward a bubble? What do venture capitalists in Silicon Valley really think about AI valuations? And how fast is the technology evolving?

We sat down with Nicolas Moch to explore these questions and gain insights into the forces shaping AI’s future.

Is the AI hype realistic—or a bubble?

“It’s extremely difficult to answer because it depends on the timeline,” Nicolas begins. “But one thing is clear: AI represents a huge change. It will have a profound impact on how we live and run our companies.”

He draws an analogy to historical infrastructure investments:

“Think about the railroads or the early Internet. The investments we see today—whether people think they’re too much or too little—are building the rails for future innovation. Right now, we’re in the phase of laying down infrastructure, not reaping immediate returns.”

While some skeptics argue there’s no clear business case yet, Nicolas believes it’s too early to judge:

“MIT recently published an article saying the return on AI isn’t there. That’s true for now, but these investments will pay off in the long run because they enable new ideas to flourish.”

What are VCs saying about valuations?

According to Nicolas, opinions in Silicon Valley are polarized:

• The traditionalists: “They claim there’s no business case and predict a crash within a couple of years—similar to the dot-com bubble.”

• The optimists: “They see AI as transformative and believe the current valuations are justified.”

But there’s a key difference from the early 2000s:

“This time, the biggest players—Google, Apple, Nvidia—are driving the change. These companies have enormous resources and can sustain long-term investments, even without immediate profitability.”

Still, Nicolas expects a correction:

“Valuations are exaggerated, and expectations for rapid results are unrealistic. If progress takes 10 years instead of 3, the perception of a bubble will grow. Some companies will fail, but I don’t foresee a dramatic crash.”

Is creativity being overshadowed by AI?

One concern Nicolas raises is the concentration of investment:

“Almost all money in Silicon Valley is going into AI. That’s worrying—not because of the amounts, but because other sectors suffer. If you have a groundbreaking idea that’s not AI-based, it’s harder to get funding.”

He compares it to past trends:

“It reminds me of the gaming boom in Sweden, when most engineers wanted to work in gaming rather than traditional engineering.”

What might humanity miss if everything focuses on AI?

“We’ll miss ideas that never get funded—innovations outside AI that could change the world. It’s impossible to know what those ideas are because they haven’t been invented yet. But the imbalance is real.”

Final Thoughts

“AI will change many things, and that’s why people justify the focus. But at some point, investors will diversify, and valuations will adjust. For now, we’re witnessing one of the most significant technology shifts in history.