AI bubble

In 1999, nine of the ten largest stocks re-rated. In 2026, only two have.

With hyperscaler capex set to potentially surpass U$800 billion, several prominent institutions have looked at the returns needed.

Because people assume a bailout is all but certain, they choose to keep fuelling a dangerous bubble rather than miss out.

AI demand has sent chip stocks soaring, but the next phase may test investors’ conviction.

Bubbles burst on hype. This cycle is built on earnings, infrastructure and productivity, and 2026 may be the biggest year yet.

I grew up in a household which embraced tech early. My dad was a software engineer during the internet’s rise. I think there has always been a computer in my...