Artificial intelligence is akin to crypto in 2021 as the sector is facing investor hype, says founder of tech investment firm

• Artificial intelligence stocks are fueled by hype, according to Bedrock founder Geoff Lewis. 
• He told CNBC on Thursday that AI is “analogous to crypto in 2021.”
• Lewis also said that most of the value with AI will be limited to the biggest players. 

Artificial intelligence is being fueled by a wave of investor hype, according to Bedrock founder Geoff Lewis. 

In an interview with CNBC on Thursday, he said that investor excitement surrounding AI reminded him of a similar bull run that helped push cryptocurrencies to record highs two years ago. 

“I’d say it is analogous to crypto in sort of 2021 or so, where it is extremely overhyped, but there are probably a few things that are really going to endure,” Lewis said.

He added that some of the longer-lasting qualities of AI after the end of the hype include “downstream AI infrastructure that enables big tech incumbent to integrate AI into their products.”

The success of ChatGPT from OpenAI has led the charge of investor excitement over artificial intelligence, while Google recently announced the launch of its own chatbot Bard AI. 

Meanwhile, Lewis posited that the biggest winners in the AI race will be limited in scope to the biggest players like Microsoft and Google-parent Alphabet. 

Microsoft invested $10 billion in OpenAI last month and recently revamped its Bing search engine using ChatGPT-like technology, posing a greater threat to Google search market.

“It is one of those situations where most of the value in AI is actually going to accrue to the incumbent big-tech companies – I’m sort of most bullish on Microsoft,” Lewis said. “I don’t think it’s a massive startup opportunity.”