Cisco CEO Warns AI Boom Will Bring “Winners and Carnage” as Markets React to Global Uncertainty

Cisco chair and chief executive Chuck Robbins has warned that while artificial intelligence will become «bigger than the internet,» the current AI market likely resembles a bubble in which many companies will fail before clear winners emerge.

Speaking on the sidelines of the World Economic Forum in Davos, Robbins told the BBC that heavy investment will inevitably lead to losses for some firms, echoing the dotcom era. He said AI would transform industries, eliminate or reshape certain jobs, particularly in customer service, but urged workers and businesses to adapt rather than fear the technology.

His comments came amid heightened market volatility. The U.S. dollar slid to a four-year low after President Donald Trump dismissed concerns about its weakness, accelerating investor flight into traditional safe havens. Gold surged past $5,200 an ounce to a new record high, extending a rally driven by geopolitical uncertainty and concerns over US economic policy.

Robbins compared AI’s evolution to that of smartphones, saying new applications and use cases would emerge over time, ultimately delivering broad productivity gains despite short-term disruption.

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