WATCH: GOP senators skeptical of Bill Gates' 'fearmongering' AI warning as Dems sound alarm

Gates is one of several industry giants who have sounded the alarm on AI's advancements, including Anthropic CEO Dario Amodei and OpenAI CEO Sam Altman. President Donald Trump has pushed back on calls to slow down AI development, arguing a rollback could give an advantage to competitors in the AI race like China.

Gates made the claim on NBC's "Meet the Press" last week when he was asked whether AI could wipe out humanity - as some in the industry have warned is a possibility that could happen within a decade.

"I think that's incredibly irresponsible," Sen. John Cornyn, R-Texas, told Fox News Digital.

"That's not as dire as some of the AI officials who have suggested that there was a 10 percent chance of wiping out all of humanity," Sen. Angus King, I-Maine, said. "This is something we have to take very seriously."

Cornyn claimed that Gates' warning risks fueling calls for regulations that could ultimately benefit the biggest players in the AI industry while crowding out smaller competitors.

"I mean, he's fearmongering," Cornyn said. "And I worry that it's in pursuit of what's sometimes called regulatory capture, that the government and the public will demand regulation while a handful of prime AI companies are in control and crowd out any competitors."

King, however, argued the competition between tech companies gives reason why the government should implement safeguards.

"The president seems to think, well, industry will regulate itself. The government shouldn't be involved," King said. "The problem with that is that these companies are engaged in an intense competition."

He claimed that companies could then be reluctant to voluntarily slow development or impose their own safeguards if doing so risks allowing competitors to pull ahead in the industry.

"They're gonna be forced to make a decision: Should we slow down and put in our own safeguards?" King explained. "But if we do, our competitor across the street won't and [will] get ahead of us, or China will get ahead of us."

Republican senators also warned about another concern surrounding the rapid development of AI: Could China pull ahead?

"Look, I think we need to use common sense," Sen. John Hoeven, R-N.D., said. "So we want to develop it. Obviously, we need to stay ahead of adversaries like China, but we need to do it safely. "

The conversations around AI ramped up this month, shortly before both the House and Senate went on recess leading up to the midterm elections. Many Democrats called for Congress to stay in session to address the concerns around AI and work to get legislation that enacts safeguards.

"We have a responsibility, but not the Republicans," Warren said. "They say 'send everybody home,' because Donald Trump doesn't want to do anything about AI."