After three years of breakneck growth and soaring valuations, the AI industry enters 2026 with some of the euphoria giving way to tough questions.

Here is a look at what is at stake:

- Bubble goes pop? -

Money is pouring into artificial intelligence, with spending expected to reach more than $2 trillion worldwide in 2026, according to the consulting firm Gartner.

But concern is growing. Stock markets are closely monitoring tech giants Apple, Microsoft, Google, Amazon and Nvidia, and startups like OpenAI, amid fears of a speculative bubble.

Several major investors -- including Japan's SoftBank and Peter Thiel --divested Nvidia shares in mid-November.

"No company is going to be immune, including us," Google CEO Sundar Pichai warned.

Yet Nvidia reported "off the charts" demand for its

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