A sharp sell-off in global technology stocks has once again reignited the debate: is the AI boom entering bubble territory, or is this correction simply a pause in an overheated market?

Over the past week, the major US indices have seen broad declines, with the Nasdaq falling sharply as megacap leaders — Amazon, Microsoft, Nvidia, Meta, and Tesla — lost between 2% and 5%. Even traditionally stable names such as Visa, JPMorgan, and Home Depot joined the downturn, reflecting a wider shift in market sentiment.

At the centre of this pullback is a growing fear that Artificial Intelligence has crossed into speculative excess. Bank of America’s latest global fund manager survey reveals that 45% of investors identify an AI bubble as the primary market risk, while more than half believe valuation

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