Ferrari chairman warns of AI supply demand mismatch risk

John Elkann, chairman of Ferrari, has dismissed fears of an artificial intelligence bubble while cautioning that a mismatch between AI supply and demand presents a potential risk to markets. In an exclusive interview with CNBC on Friday, Elkann, a Meta Platforms board member and chairman of Stellantis, expressed optimism regarding the AI infrastructure buildout over the coming decade. He noted that the energy and compute requirements for AI-enabled technologies remain high.

Elkann highlighted that the specific revenue-generating mechanisms and business models for this technology are less certain than the infrastructure needs. He identified this area as the point where supply and demand mismatches could occur. While acknowledging that bubbles range from those driven by pure financial speculation to those fueled by rapid investment and infrastructure buildup, Elkann stated that investor focus should remain on the technology's direction of travel. He explicitly rejected the view that bubbles would impede technological progress, stating that he is not in the camp of bubble believers.

The interview took place on the sidelines of the Wave 2026 technology conference in Turin, formerly known as Italian Tech Week, where Elkann spoke to CNBC's Carolin Roth. He argued that European companies possess incredible technical capabilities in the context of the intensifying tech competition between the United States and China. Elkann observed that the opportunity set determines where investors will direct capital, noting that an increase in opportunities attracts more capital to those areas.

To illustrate this point, Elkann cited Bending Spoons, a Milan-headquartered conglomerate that owns Vimeo, Eventbrite, and AOL, among other assets. He described Bending Spoons as a perfect example of an Italian-born company with global ambitions that is able to grow and compete in various markets. He concluded that the proliferation of such companies would lead to greater investor backing for them.