Web Summit 2025 Kicks Off in Lisbon Amid AI Market Volatility and Travel Disruptions
The annual Web Summit technology conference begins next week in Lisbon, Portugal, as the artificial intelligence sector faces increased investor scrutiny and logistical challenges.
More than 70,000 attendees are expected at the event, often dubbed the “Davos for geeks,” which will feature leaders from major tech companies including Meta, Qualcomm, and Microsoft. CNBC’s Arjun Kharpal will be reporting from the summit, with scheduled interviews with CEOs from Lyft, Oura, DeepL, and Cohere. The conference program heavily focuses on AI, with panels titled “Smarter plays: How AI is changing the game,” “The age of AI,” and “The Future of AI is visual.”
The event unfolds following a turbulent week for AI stocks, triggered by a substantial $1.1 billion short bet against Nvidia and Palantir by investor Michael Burry. This move has raised concerns about a potential market bubble in the AI sector, impacting global markets from Silicon Valley to Tokyo. The recent volatility underscores the growing need for careful evaluation of valuations in the rapidly expanding AI landscape.
Adding to the challenges, reports indicate a significant congestion issue with private jet landings at Lisbon Airport, forcing some aircraft to divert to airports more than two hours away. Organizers have advised attendees of a shortage of available slots, potentially impacting travel for many high-profile attendees. Portugal’s Prime Minister Luis Montenegro spoke at the opening ceremony yesterday, November 8th, signaling the government’s support for the tech sector and the event. You can find more information about the Web Summit on their official website.
Organizers stated they are working to mitigate travel disruptions and ensure a productive conference experience for all participants.
The city of Lisbon in Portugal turns to tech next week, as it plays host to the annual Web Summit conference. The event, also known as the “Davos for geeks,” will feature some of the biggest names in technology at an interesting time for the sector. It attracted more than 70 ,000 attendees last year.
Main stage attractions include leaders from Meta, Lovable, Qualcomm and Microsoft to name just a few. CNBC’s Arjun Kharpal will be on the ground, speaking to big players, including the CEOs of Lyft, Oura, DeepL and Cohere.
Portugal’s Prime Minister Luis Montenegro speaks during the opening ceremony of the Web Summit, in Lisbon, Portugal, November 11, 2024.
Pedro Nunes | Reuters
The event comes as the AI-fueled market rally faces increased scrutiny from investors, big market voices, politicians and regulators. Concerns of a bubble in the sector spooked 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.
But can this take the shine off AI at Web Summit in Portugal this week? If the program is anything to go by, not only is AI the dominant topic, but also the answer to almost every question. Headline panels are titled “Smarter plays: How AI is changing the game,” “The age of AI,” “The Future of AI is visual,” and the “AI talent wars.” No mention of bubbles or over-inflated valuations.
The recent whiplash against major AI stocks from Silicon Valley to London to Tokyo will certainly cast a shadow on the event, but there is something else that’s also causing a headache to tech honchos as they look to arrive in Lisbon next week.
According to reports, there is a private jet logjam at Lisbon airport which has seen some planes forced to turn away and land at airports over 2 hours from the city. The Web Summit organizers reportedly told attendees, “Please be advised there is currently a shortage of private jet slots during Web Summit at Lisbon airport and surrounding smaller airports.”
Earnings this week:
Monday: CoreWeave, MedioBanca
Tuesday: Vodafone, Porsche
Wednesday: Infineon, Cisco Systems
Thursday: Siemens, Deutsche Telekom, Alibaba, Walt Disney
Friday: Richemont, Allianz
