CNBCยท2025-11-22 13:00Core Insights - The AI sector is experiencing significant volatility, with rising bubble fears despite Nvidia's strong earnings report [1] - Industry leaders, including Alphabet's CEO Sundar Pichai, are expressing concerns about the potential AI bubble and the risks of underinvestment [2][3] Company Developments - Google has surpassed Microsoft in market capitalization for the first time, driven by renewed momentum in AI, particularly with the launch of Gemini 3 [4] - Google's cloud business reported a 34% annual revenue growth, exceeding $15 billion, with a backlog of $155 billion [3] Market Dynamics - Nvidia's recent earnings report did not restore confidence in the tech sector, as geopolitical tensions with China are seen as a significant threat to its market position [5] - The competitive landscape in China is intensifying, with concerns that the West's approach to Chinese AI could undermine Nvidia's dominance [5][6]