John Elkann says AI revenue uncertainty poses market risk

The Ferrari chairman said he is not among those calling AI a bubble, but the industry’s revenue models remain uncertain.

Ferrari chairman John Elkann said fears of an artificial intelligence bubble should not overshadow technological progress. He added that a mismatch between infrastructure spending and future revenue could pose a risk to markets.

In an interview with CNBC at the Wave 2026 conference in Turin, Elkann said AI requires substantial energy and computing capacity, while its revenue mechanisms and business models remain less certain. He is also a Meta Platforms board member, chairs Stellantis and invests in technology companies through Exor.

Elkann distinguished bubbles driven by financial speculation from periods of rapid investment in infrastructure. In his view, a market correction would not itself prevent the technology from advancing.

He said European companies have strong technical capabilities and that capital will follow available opportunities. As an example, he cited Milan-based Bending Spoons, which owns Vimeo, Eventbrite and AOL.

Speaking on the sidelines of Wave 2026, formerly known as Italian Tech Week, Elkann said a larger number of such companies could attract more investors to European businesses.