Former Intel Corp. (INTC) CEO Pat Gelsinger on Monday reportedly expressed concerns about an artificial intelligence (AI) bubble, joining a growing list of technology leaders expressing concerns about the sector.

During an interview with CNBC, Gelsinger stated that there is an industry shift happening right now, but companies have yet to start materially benefiting from it.

“Are we in an AI bubble? Of course we are. We are hyped, we are accelerating, we are putting enormous leverage into the system. That said, I don't see it ending for several years. I do think we have an industry shift to AI, and as Jensen [Huang] has talked about and I agree with this, that businesses are yet to really start materially benefiting from it,” Gelsinger said in the interview.

Intel shares were up nearly 3% in Monday morning's trade. Retail sentiment on Stocktwits around the company trended in the 'neutral' territory.

In August, OpenAI CEO Sam Altman stated that he thinks the AI market is in a bubble, according to a report from The Verge.“When bubbles happen, smart people get overexcited about a kernel of truth. Are we in a phase where investors as a whole are overexcited about AI? My opinion is yes. Is AI the most important thing to happen in a very long time? My opinion is also yes,” said Altman.

Altman leads OpenAI, which is currently valued at $500 billion after a recent $6.6 billion stock sale by the AI startup's employees. The stake sale took the company's valuation above that of Elon Musk's SpaceX, which is valued at $400 billion after a similar employee stock sale.

Amazon Inc. (AMZN) founder Jeff Bezos joined the list of tech leaders expressing concerns about an AI bubble earlier in October.“This is kind of an industrial bubble,” Bezos said, according to a CNBC report, adding that during bubbles, stock prices are“disconnected from the fundamentals.”

“The second thing that happens is that people get very excited like they are today about artificial intelligence,” Bezos added, according to the report.

INTC stock is up 86% year-to-date and 59% over the past 12 months.

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