Overview

• Bank of America’s October survey found 54% of fund managers view tech as overvalued and cited AI as the market’s biggest tail risk.
• JPMorgan’s Jamie Dimon said AI is real but some asset prices are in bubble territory and certain projects may not secure the power or returns they anticipate.
• Goldman Sachs argued AI-related capex is under roughly 1% of US GDP and justified by projected productivity gains that could far outweigh current spending.
• IMF officials said today’s AI investment shows dot‑com echoes yet is less likely to be systemic because funding is largely equity and cash rather than debt.
• Analysts flagged risks from concentrated gains and ‘circular’ supplier‑customer financing in large AI deals, with some pointing to stretched valuation gauges such as the Buffett Indicator.