As billions pour into AI infrastructure and chip manufacturing, investors are increasingly split on whether this is the next industrial revolution — or the next dot-com.
A BofA Global Research survey shows 54% of fund managers believe AI is already in a bubble, while 38% disagree. Yet, most are still buying — signaling that conviction is colliding with caution.
🧭 What the Leaders Are Saying
🔹 Bank of England:
Warns of a “material risk of a sharp market correction” if sentiment turns.
🔹 Jeff Bezos, Amazon:
“In every boom, good and bad ideas get funded — but when the dust settles, society benefits.”
🔹 Bryan Yeo, GIC:
“There’s hype in early-stage AI — every startup with an AI label gets premium multiples.”
🔹 Joseph Briggs, Goldman Sachs:
AI spending is sustainable, but “the ultimate winners remain unclear.”
🔹 Sam Altman, OpenAI:
“Yes — investors are overexcited. Some will make a phenomenal amount of money, others will lose it.”
🔹 Pierre-Olivier Gourinchas, IMF:
If the AI boom ends like dot-com, it’s unlikely to cause a systemic crisis — “it’s equity-funded, not debt-funded.”
🔹 Michael Burry:
Shorting Nvidia and Palantir — warning of “AI overexuberance.”
🔹 UBS:
90% of investors who call it a bubble… are still invested in AI.
🔹 The Takeaway
AI is not just an innovation story — it’s a capital story.
The question isn’t whether there’s a bubble — it’s how long it can inflate before it defines the next era of productivity… or the next correction.