4 Questions For The AI 'True Believers'

2025-12-05 18:45:33 ET

The AI narrative that has driven more equity gains for three years now continues to hold up despite more and more analysts and pundits expressing concerns around a potential AI bubble. My thesis continues to be that every major technology paradigm shift in U.S. history has resulted in a boom-and-bust cycle. This includes the birth of the railroads, electrification, automobiles, and the internet. I see no reason that the AI revolution will not follow a similar path. With the massive gains of the past few years, the AI juggernauts that have driven this rally, like Microsoft ( MSFT ) and NVIDIA Corporation ( NVDA ), seem to be in bubble territory. The only real question is whether we are in the fifth or sixth inning of this cycle or the eighth or ninth inning before the inevitable bust....

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