Top financial officials warn of an AI bubble brewing, echoing past tech crashes as AI stocks soar—up $27 trillion since 2022—with one chipmaker hitting a $5 trillion valuation. Concerns mount that overconcentration in a few giants, backed by heavy debt, could trigger a systemic crash if they falter. Early signs of cooling hype and stock drops suggest the market is recalibrating, while regulators scramble to monitor unregulated non-bank players betting big on AI.

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