Airbnb’s CEO Brian Chesky has cautioned against inflated expectations surrounding the current valuations of technology companies, particularly regarding the transformative potential of artificial intelligence and the immediate prospect of substantial profit generation. In an interview with the Handelsblatt, Chesky stated bluntly, “AI hasn’t changed the world, it simply hasn’t.
Chesky expressed skepticism that the widespread societal and economic impact of AI will materialize quickly, predicting significant economic effects will likely not be felt until the 2030s. He underscored that currently, the technology’s influence on everyday life remains limited, a sentiment that contradicts the hype often propagated by investors and tech evangelists.
The Airbnb leader voiced concerns regarding the financial sustainability of companies like OpenAI, highlighting the staggering investments they’ve made in data centers and AI chips. “When a company has capital commitments in the hundreds of billions or even a trillion dollars” Chesky noted, “it ultimately needs to demonstrate revenues in that order of magnitude”. He implied that such returns are currently unattainable in the near term, raising questions about the long-term viability of OpenAI’s current trajectory and potentially triggering wider scrutiny of AI-driven ventures.
These comments arrive as Airbnb undergoes a significant strategic pivot. While previously focused almost exclusively on vacation rentals, the company is now actively incorporating hotel rooms into its offerings, a response, according to Chesky, to evolving consumer demand. The company’s focus is directed towards independent hotels, positioning Airbnb as a disruptor within the broader hospitality sector. Furthermore, while stopping short of a direct announcement, Chesky signaled an expansion of services beyond accommodation, hinting at the potential inclusion of flights and car rentals and ultimately suggesting Airbnb aspires to become a comprehensive platform encompassing most aspects of travel and lifestyle. This ambitious goal, coupled with Chesky’s cautionary remarks on AI, raises questions about the company’s broader strategy and its long-term vision for navigating an increasingly competitive and potentially volatile market.