Something has changed in the artificial intelligence boom in the past year. Since the arrival of ChatGPT in 2022, America’s biggest tech companies have been leading the charge, aided by hundreds of billions of dollars on their balance sheet. Now, debt has entered the picture and the stakes are higher.
Marks suggests the AI bull market run has advanced from the early stages he indicated it was this year. In a recent essay “Is It a Bubble?”, he concludes: