Is there an AI bubble on the go? Yes. Obviously. Artificial intelligence-related stocks have accounted for some 75% of S&P 500 returns and 90% of capital spending since OpenAI’s ChatGPT launch in 2022. Based largely on outsized valuations for America’s big tech companies, the index’s forward P/E ratio is much like where it was at the top of the dotcom days. You can argue about the scale of it and how this new technology should be measured, but however you cut it, it looks like a Capex bubb
Is there an AI bubble on the go? Yes. Obviously. Artificial intelligence-related stocks have accounted for some 75% of S&P 500 returns and 90% of capital spending since OpenAI’s ChatGPT launch in 2022. Based largely on outsized valuations for America… [894 chars]
Source: Bloomberg | Published: 2025-10-18T13:19:09Z
Credit: Bloomberg
