By Francine Lacqua, Arno Schütze and Nick Heubeck Deutsche Bank AG Chief Executive Officer Christian Sewing said he doesn’t see a bubble in artificial intelligence or other parts of financial markets, after billionaire Ken Griffin warned of looming setbacks to investors in the industry.

“Overall, I don’t think that we are living in a bubble which is bursting,” Sewing said in an interview on Bloomberg Television Wednesday. “Do we see the one or the other setback, also with individual companies? That can happen.”Griffin, whose business empire includes hedge fund Citadel and market-maker Citadel Securities, said on Tuesday that investors are “almost certainly” in the midst of an artificial intelligence bubble as many companies are still grappling with just how much they’ll spend on the technology and how it will transform the economy.

Sewing, who has emerged as one of the most influential business leaders as Germany embarks on a series of reforms, said the industrial application of AI is “the chance of the century” for his home country, if it gets the regulatory framework right. Deutsche Bank itself uses the technology to increase efficiency but also to improve controls, he said.

“The fear that we are in front of a bubble is not a justified one,” Sewing said. “But what is different from a bubble is ongoing volatility,” he said, pointing to continued geopolitical tensions.

Read Also: Deutsche Bank Chief Sewing Says French Situation Is ‘Concerning’ The CEO, who has turned around Germany’s largest lender since taking over eight years ago, is one of a handful of top executives who regularly speak with Chancellor Friedrich Merz, people familiar with the matter have said.

Merz hosted the German government’s first investor conference in Berlin this week, a fresh push by the embattled chancellor to revive growth in Europe’s biggest economy. After years of stagnation, the country has been showing early signs of an economic recovery, driven by public spending on infrastructure and defense.