The artificial intelligence bubble is bigger than ever.
Share prices have hit crazy highs on the hope that AI will make companies richer than God. Perhaps some firms will be, in time. But not all of them. The lesson of the dot-com bubble is that the horizon of excitement is much, much broader than the circle of success.
A great reckoning is surely coming, where AI valuations get shaken out. A majority (54%) of Wall Street fund managers believe AI shares are already overvalued, according to a Bank of America survey conducted in October 2025.