You may remember the recession that followed the collapse of dot-com stocks in 2001. Or, worse, the housing crisis of 2008. Both times, a new idea — the internet, mortgage-backed securities and the arcane derivatives they unleashed — convinced investors to plunge so much money into the stock market that it inflated two speculative bubbles whose inevitable bursting created much economic pain.

We believe it’s time to call the third bubble of our century: the A.I. bubble.

While no one can be certain, we believe this is more likely the case than not. Investment in artificial intelligence has been so huge — with venture capitalists investing nearly $200 billion in the sector this year alone. Additionally, data-center investment has tripled since 2022. Together, these investments are driving

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