Chance of AI market correction is 'pretty high,' says ex-Meta exec Nick Clegg as he pushes back on superintelligence

The chance of a market correction in the artificial intelligence sector is “pretty high,” former Meta

executive and British politician Nick Clegg warned on Wednesday, as he pushed back on the concept of artificial superintelligence.

Clegg, the former deputy prime minister of the U.K. who went on to guide policy decisions at U.S. tech giant Meta, said the AI boom has resulted in “unbelievable, crazy valuations.”

“There’s just absolute spasm of almost daily, hourly, deal making,” he told CNBC’s Arjun Kharpal for “Squawk Box Europe.”

“You’ve got to think, wow, this could be headed for a correction,” he said, adding that the likelihood of such an event is “pretty high.”