The former deputy prime minister and president of global affairs at Mark Zuckerberg's Meta said Al was caught in a "great hype cycle" and that new technologies inspired a mixture of unwarranted zeal and optimism.
Officials are hoping to use the summit, which starts today at Bletchley Park, to kickstart a regulatory process that might mirror international attempts to combat climate change.
But Clegg's comments show how much resistance they are likely to encounter from some of the industry's most powerful companies.
"New technologies always lead to hype," he said. "They often lead to excessive zeal amongst the advocates and excessive pessimism amongst the critics. I remember the 80s. There was this moral panic about video games. There were moral panics about radio, the bicycle, the internet."
Referring to predictions that a highly powerful form of AI could emerge within years with revolutionary consequences, he added: "These predictions about what's going to happen next, what's going to happen just around the corner, often doesn't quite turn out as those who are most steeped in it believe."
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