The hundreds of billions of dollars flowing into AI development has drawn concern that the boom could actually be a bubble.

Microsoft CEO Satya Nadella made an eyebrow-raising appearance on a podcast, in which he dismissed the current hype surrounding claims of having achieved "some [artificial general intelligence] milestone" as "nonsensical benchmark hacking.

The move may reflect concerns about whether it’s building more AI computing than it will need over the long term, TD Cowen said in a report.