If fears of an AI bubble bursting were already keeping people up at night, recent comments from Alphabet CEO Sundar Pichai certainly won't help.

The Google chief sat down with the BBC for an exclusive interview to talk all things AI — from energy demands to UK investment to the future of jobs. But the most striking moment came when Pichai admitted that if the AI bubble does burst, no one is safe.

"I think no company is going to be immune, including us," he told the BBC.

In the interview, Pichai said that while the AI sector has seen tremendous growth, there's also a lot of "irrationality" fueling the boom as valuations and investments rocket upward. He warned that the industry can "overshoot" during hype cycles like this, drawing a direct parallel to the dot-com boom and bust of the late 90s and early 2000s.

The dot-com era saw early internet companies skyrocket in value on pure optimism, only for the bubble to burst in 2000, wiping out hundreds of companies and countless jobs.

The concern now is that AI may follow a similar trajectory. Big Tech valuations have surged in recent months: Alphabet has reached a valuation of $3.5 trillion, OpenAI has reportedly hit a $500 billion valuation, and NVIDIA has become the first company to ever surpass the $5 trillion mark.

But cracks are beginning to show. In the past few weeks, several major investors have started offloading NVIDIA stock. On Monday, it was reported that Peter Thiel's hedge fund exited its entire $94 million position. Even more eyebrow-raising, Michael Burry — famous for predicting the 2007-08 mortgage crisis — is reportedly betting against NVIDIA and Palantir.

Despite all this, Pichai himself appears largely unfazed.

"We can look back at the internet right now. There was clearly a lot of excess investment, but none of us would question whether the internet was profound," he told the BBC. "I expect AI to be the same. So I think it's both rational and there are elements of irrationality through a moment like this."