OpenAI CEO Sam Altman triggered a tech sell-off in late August when he mentioned the word “ bubble ” in response to a reporter’s question. Two months—and several centibillion-dollar deal announcements later—Jeff Bezos was talking openly about markets being in some kind of an “ industrial bubble ,” while insisting that the explosion of investment in artificial intelligence (AI) infrastructure would be worth it in the future. Now the Bank of England is throwing around the B-word, albeit in the understated style typical of a central bank.

In its quarterly update on October 8, the Bank of England’s Financial Policy Committee (FPC) issued a stark warning over the feverish investor enthusiasm surrounding AI, saying that “equity valuations appear stretched,” especially in certain backwar

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