Ferrari Chairman John Elkann Questions AI Revenue Models Despite Optimism

Ferrari Chairman John Elkann said Oct. 9 that artificial intelligence can continue advancing through a market correction, while cautioning that infrastructure investment may be moving faster than the business models needed to produce revenue.

Elkann said the key uncertainty is not the technology’s development but how companies will generate sustainable revenue from it. AI-enabled systems still require high amounts of energy and computing capacity, creating the possibility of a mismatch between infrastructure spending and commercial returns.

He distinguished between bubbles driven by financial speculation and those fueled by rapid investment in infrastructure. In his view, either an AI bubble or a subsequent market correction would not ultimately stop technological progress.

Elkann also said European technology companies have the technical capabilities to compete with businesses in the United States and China. He pointed to Milan-based Bending Spoons as an example of an Italian company expanding internationally across several markets.

Bending Spoons owns Vimeo, Eventbrite and AOL. Elkann said a larger number of European companies with global ambitions would create more opportunities for investors and attract additional capital.

Elkann is also chairman of Stellantis and serves on the board of Meta Platforms. He made the comments during the Wave 2026 technology conference in Turin, Italy, which runs through Oct. 9.