Ferrari Chairman Warns AI’s Profitability Remains Uncertain

Ferrari chairman John Elkann told investors to look past short-term market swings and focus on artificial intelligence’s long-term growth. Speaking at the Wave 2026 technology conference in Turin, he dismissed fears that the sector represents a financial bubble, though he warned that rapid infrastructure spending could outpace actual revenue and destabilize markets.

AI systems currently demand massive amounts of energy and computing power. His family holding company, Exor, has already backed multiple technology firms as the industry scales up. Elkann, who also sits on the board at Meta Platforms and leads the auto group Stellantis, remains confident in the technology’s buildout over the coming decade. He stressed that the path to profitability remains unclear.

“I am not in the camp of the bubble believers,” Elkann said. “What is less certain is what are the revenue-generating mechanisms and business models out of that technology.” He argued that markets must see how these tools actually produce income before judging their financial impact. Bubbles driven by speculation or fast infrastructure growth are inevitable, he noted, but they will not stop technological progress.

The range of available opportunities will ultimately dictate where investment capital flows. More viable projects will naturally draw greater funding. Milan-headquartered conglomerate Bending Spoons illustrates this dynamic. The company already owns major platforms like Vimeo and Eventbrite, proving that European startups can compete on international markets.

Elkann pointed out that European companies possess strong technical capabilities even as the United States and China compete for dominance in the sector. A growing roster of successful regional firms will reinforce investor backing and support the continent’s tech expansion.