AI wobble casts shadow over ‘Davos for geeks’

The Portuguese city of Lisbon is turning to technology next week as it hosts the annual Web Summit conference. Also known as the “Davos of the Nerds”, the event will host some of the biggest names in tech at an interesting time for the industry. Last year it attracted more than 70,000 participants.

Mainstage attractions include leaders from Meta, Lovable, Qualcomm, and Microsoft, to name just a few. CNBC’s Arjun Kharpal will be on the ground and talk to big players, including the CEOs of Lyft, Oura, DeepL, and Cohere.

The event comes as the AI-powered market rally faces increasing scrutiny from investors, big market voices, politicians and regulators. Industry bubble concerns have sent global markets into a rollercoaster week after famed short-seller Michael Burry placed a massive $1.1 billion bet against AI darlings Nvidia and Palantir.

So could this take away the shine of artificial intelligence at the Web Summit in Portugal this week? If the program is anything to go by, artificial intelligence is not only the dominant topic but also the answer to almost every question. Title panels are titled “Smarter games: How AI is changing the game,” “The age of AI,” “The future of AI is visual,” and “AI talent wars.” There is no talk of bubbles or overinflated valuations.

The latest crackdown on major AI stocks from Silicon Valley to London to Tokyo will certainly cast a shadow over the event, but there’s something else causing headaches for technologists planning to come to Lisbon next week.

According to reportsDue to private jet congestion at Lisbon Airport, some planes had to land at airports 2 hours away from the city. Web Summit organizers reportedly told attendees: “Please note that there is currently a shortage of private jet slots at Lisbon airport and surrounding smaller airports during the Web Summit.”