The central bank of the United Kingdom is worried about an AI bubble burst.

“On a number of measures, equity market valuations appear stretched, particularly for technology companies focused on Artificial Intelligence (AI),” the bank’s financial policy committee said, according to a record of its latest meeting. “This, when combined with increasing concentration within market indices, leaves equity markets particularly exposed should expectations around the impact of AI become less optimistic.”

The Bank also warned that stock market price valuations were comparable to the peak of the dot-com bubble, and the market share of the top five members of the S&P 500 was at its highest concentration in 50 years. Those five companies are, unsurprisingly, AI-focused tech giants Nvidia, Microsoft,

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