Some CEOs warn that the current artificial intelligence spending spree and investment cycle seem ludicrous. Other CEOs say if you can't handle the fire, then get out of the kitchen.

Broadcom CEO Hock Tan is the former, while SpaceX CEO Elon Musk is the latter.

It's a debate that underpins much of the bull and bear analysis of the current AI-dominated stock market with Big Tech companies spending hundreds of billions of dollars on AI and more capital spending expected in the coming years.

"A lot of investors have no clue what they are investing in," Tan said of the AI investments at the DBS Asia Future Forward Conference in Singapore on Monday. The Broadcom CEO added that investors seem to "set very extreme expectations only to find out that it's almost like they are in a casino."

Tan also warned that access to capital could be more of an AI growth constraint -- more so than chips, memory, energy, or any of the other bottlenecks that have dominated AI discussions since OpenAI launched ChatGPT in late 2022.

Intel CEO Lip-Bu Tan, who also spoke at the event, agreed. He noted that financing was a big issue and that it remained unclear if companies will be able to generate the necessary returns on AI investment to make the massive expenditures worth it.

The AI investment cycle, however, isn't slowing down, according to both Goldman Sachs and JPMorgan. But AI-related initial public offerings are being delayed or canceled in a potential sign investors are growing increasingly skeptical.

And with so much of the current stock market tied to AI and data-center buildout, global investors are split over the idea it could be headed toward a bubble-like pop next year, according to Bank of America.

BofA's Fund Managers Survey, published monthly, showed around 45% of those surveyed suggested the sector could be headed for a bubble as early as next year. Around 42% disagreed.

While the Broadcom CEO warned investors might not fully understand the risks associated with AI, Musk sees it differently.

"No crying in the casino," the SpaceX and Tesla head posted to social media in response to Tan's comments.

For Musk it seems obvious there will be winners and losers in this AI moment, but everyone knew it was a gamble.

Of course in this casino scenario the stakes could be north of a trillion dollars. No pressure.