United Kingdom, Nov. 18 -- Alphabet CEO Sundar Pichai has warned that "no company is going to be immune" if the booming AI market suddenly cools, arguing that even Google would feel the impact.

Speaking to the BBC, Pichai said the current wave of investment is both "rational" and "irrational," echoing the "irrational exuberance" warnings that preceded the dot-com crash.

Pichai acknowledged that AI is driving extraordinary growth - Alphabet's valuation has doubled in seven months to $3.5 trillion, and demand for Google's home-grown AI superchips is surging - but cautioned that "the industry can overshoot".

Still, he insisted Google is better positioned than most thanks to its control of a "full stack" that includes data, hardware, model...