Could the artificial intelligence boom already be running out of road? We examine the warning signs. To think that three short years ago, the commercial launch of ChatGPT took the world by storm. AI has since sparked a global race for cash, energy resources and data – all to feed the seemingly insatiable appetite of large language model computing systems.

With a few US companies dominating the AI race – and a US president who's all-in with billionaires – market watchers worry about investors tempted by the easy money of rising tech stocks at the expense of the entire rest of the economy. Is it a bubble? Is it about to burst?

And with what consequences? How should Europe and the rest of the world prepare? More broadly, is AI changing humanity and our world for better – or for worse?

Produced by François Picard, Rebecca Gnignati, Charles Wente, Ilayda Habip & Jean-Vincent Russo