Arm co-founder Hermann Hauser’s AI warning: The revolution is real, but so is the bubble risk

This report is from this week's The Tech Download newsletter. Like what you see? You can subscribe here.Few investors can claim to have witnessed every major technology wave of the last four decades. Hermann Hauser co-founded Acorn Computers in 1978, helped create Arm — one of the world's most critical chip companies — and today backs some of Europe's most important deep-tech startups through Amadeus Capital.When I sat down with Hauser this month for The Tech Download podcast, our conversation ranged from artificial intelligence and semiconductors to quantum computing and Europe's fight for technological sovereignty. His central message was striking amid concerns over hype and valuations."This is a revolution that will create more value than probably any other technology revolution that we've ever seen," Hauser told me. But it will be a "rollercoaster." What did he mean? He said some valuations have "clearly gotten ahead of themselves," and cited risks related to recently announced circular financing deals.But he also argued that the largest players are unlikely to disappear. Companies such as OpenAI and Anthropic, backed by significant capital reserves, should be able to withstand...