Big investors at Abu Dhabi Finance Week expressed concern over AI-related businesses’ high valuations but said infrastructure investment is important to the sector’s long-term development.

In recent months, tech giants including Alphabet (GOOGL.O), Meta (META.O), and Oracle (ORCL.N) have rushed to debt markets to keep up with AI, raising concerns about an AI bubble.

“We haven’t even begun to see the impact of AI,” adding that it would take years for the technology to become transformative and meaningful enough to affect company earnings. Policymakers and economists are still assessing AI’s impact on productivity, labor markets, and corporate earnings.