Overview

• Global authorities and surveys flag bubble signs, with the IMF and Bank of England warning of a potential sudden correction and 54% of Bank of America–polled fund managers calling AI stocks a bubble.
• Capital spending by major providers jumped from roughly $66 billion in 2020 to about $393 billion in 2025, with projections near $684 billion by 2029, fueling data centers and chips as concerns grow over debt financing and interlocking vendor deals.
• Estimated 2025 generative‑AI revenues of about $60 billion lag far behind current investment, and reports say many projects have yet to justify their costs, underscoring uncertain near‑term returns.
• Stock‑market gains remain highly concentrated in Nvidia, Microsoft, Alphabet, Amazon and Meta, with Nvidia up about 40% this year and valued near $4.7 trillion.
• Industry voices split, as Jeff Bezos describes an industrial bubble that funds lasting infrastructure and Goldman Sachs research says valuations are elevated but not at late‑1990s extremes, while Andrew Ross Sorkin told 60 Minutes a crash is likely though timing and depth are unclear.