By Tasmin Lockwood

Copyright cnbc

Ramaswamy said it was important for firms to keep their eyes on the prize — making AI useful and building returns that way — and advised customers to do the same.

He stressed the importance of implementing AI incrementally, in part because not all projects will work, but also because employees fearing that AI will replace them may be resistant.

“That’s part of the nuance that executives need to bring in to figure out: Where is the technology most applicable? Some are thinking of AI as a technology that can cure all problems. I think it’s a mistake. Definitely, there’s promise, but some areas are going to be much more amenable than others,” Ramaswamy said.

One key opportunity right now is how quickly AI can accelerate the value that comes from data, Ramaswamy said.

“The time-to-value change is also pretty remarkable. Will there be turbulence along the way in the markets, with respect to how the stock market behaves? Absolutely. But I think the value that is going to come out of this AI revolution, if I may call it that, is pretty firm, and we all need to stay focused on that,” he added.

A market bubble — and burst — doesn’t have to mean the end of a company. Meta, Amazon and Google all emerged from the dot-com era and are among the world’s most valuable companies today.