Neelkanth Mishra Chief Economist at Axis Bank and Head of Global Research at Axis Capital believes that the global AI market is still in the middle of a bubble-building phase, with the real risk of a collapse lying a few years ahead. He said that most of the capital fueling the AI surge is still surplus cash generated by large technology companies, not credit-funded money. The danger, he noted, emerges only when leveraged capital enters the system, creating deadlines and pressure points that can trigger a sharp fall if earnings fail to keep up.

Mishra made these remarks as a part of CNBC-TV18’s Global leadership Summit. He added, “Whenever this AI bubble turns and as the US market starts to normalise from 200% market cap to GDP then no equity market would be left untouched.” But he added

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