AMD’s Lisa Su Says Fears of an AI Bubble Are Misguided

AMD chief executive Lisa Su is not buying the idea that artificial intelligence is headed for a spectacular crash.

Speaking on stage at WIRED’s Big Interview event in San Francisco, Su was asked whether the industry is in a bubble. Her response was blunt: “Emphatically, from my perspective, no.”

Su leads Nvidia’s closest rival in the AI chip race, a contest defined by scale.

Nvidia’s market cap sits at roughly $4.4 trillion, while AMD’s is about $353 billion, but AMD has been gaining ground as demand for AI compute continues to surge. Earlier this year, WIRED wrote that Su was “out for Nvidia’s blood,” a framing that reflects how aggressively AMD is pushing into the market.

At the event, Su argued that the momentum behind AI is too strong and too broad to be dismissed as speculative excess.

Companies across nearly every industry are building or adopting AI systems, she said, and the underlying hardware demand remains intense. That, in her view, makes talk of a bubble premature.

Su’s appearance underscores how central AMD has become in the AI hardware conversation. The company is positioning its accelerators as a credible alternative to Nvidia’s dominant GPUs, even as Nvidia continues to command the bulk of the market.

WIRED’s Big Interview series continues throughout the week with conversations that examine the collision of technology, power and culture.