\u201cI think [OpenAI] can be very successful as a company but at the same time I\u2019m very nervous about the size of these investments in these data centres,\u201d he said. \u201cThat\u2019s the particular thing that I am concerned about.\u201d<\/p>\n
The Klarna co-founder is an AI evangelist with his buy-now-pay-later group claiming it has used the technology to cut more than half<\/a> of its workforce in recent years. An AI chatbot handles two-thirds of the company\u2019s customer services enquiries.<\/p>\n The fintech, whose shares have shed more than 20 per cent of their value since the company\u2019s $15bn IPO in New York in September, will unveil its third-quarter financial results tomorrow. But through his personal investing, the Swedish entrepreneur said he was considering hedging his exposure to companies involved in the vast infrastructure build-out. <\/p>\n Just four tech groups \u2014 Alphabet, Amazon, Meta and Microsoft \u2014 announced this month a combined $112bn of capital expenditure in the third quarter. <\/p>\n The sector is, meanwhile, borrowing hundreds of billions to fund its expansion in AI. Lossmaking OpenAI has made total commitments worth $1.5tn<\/a> on securing access to computing resources. <\/p>\n Siemiatkowski pointed to the popularity of ChatGPT as evidence of the widespread adoption of AI services. \u201c[But] that\u2019s a different thing than asking myself \u2018is it worth putting a $1tn worth into servers\u2019,\u201d he added. \u201cI am concerned that piling that kind of money into data centres may turn out to be not worth it.\u201d<\/p>\n Siemiatkowski said he believed that less computing power to run advanced AI was needed than tech companies were planning to spend, as the models themselves were the \u201cmost effective compression technology ever invented\u201d, which he argued could run more efficiently over time.<\/p>\n Chinese AI company DeepSeek jolted the markets in January after unveiling low-cost, power-efficient models. Over the past month, there has been a stock sell-off of US companies closely tied to the AI boom, partly triggered by investor concern about the huge sums spent on building the technology.<\/p>\n Siemiatkowski said he had raised his concerns with executives at the tech groups he invests in. \u201cPeople have an incentive to say I\u2019m wrong\u2009.\u2009.\u2009.\u2009and I feel, behind [closed] doors, people are more concerned about what I\u2019m saying than they are in public,\u201d he said.\u00a0<\/p>\n The booming valuations of AI companies \u2014 chipmaker Nvidia<\/a> has a market capitalisation of about $4.5tn \u2014 have also been powering the US stock market this year.<\/p>\n Recommended<\/p>\n![\"Traders](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/11\/https:\/\/d1e00ek4ebabms.cloudfront.net\/production\/0a2416b6-2d00-43ed-a62f-ae7c9abd5c13.jpg\")
The fintech\u2019s shares have shed more than 20% of their value since its $15bn IPO in New York in September \u00a9 Michael Nagle\/Bloomberg<\/p>\n![\"Aerial](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/11\/https:\/\/d1e00ek4ebabms.cloudfront.net\/production\/04c945b8-1220-4e7b-a3b9-937ee6b555a9.jpg\")
Stargate\u2019s data centre under construction in Abilene, Texas, US \u00a9 Kyle Grillot\/Bloomberg<\/p>\n
![\"Sam](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fimages.ft.com%2Fv3%2Fimage%2Fraw%2Fhttps%253A%252F%252Fd1e00ek4ebabms.cloudfront.net%252Fproduction%252F60a0fc3f-4d1e-4c8f-a54c-4c467de4db30.jpg%3Fsource%3Dnext-article%26fit%3Dscale-down%26quality%3Dhighest%26width%3D700%26dpr%3D1?source=next&fit=scale-down&dpr=2&width=240\")
<\/a><\/p>\n