AI’s meteoric rise is sparking fears of a bubble—tech giants dumped over $400 billion on data centers last year, with global AI infrastructure spending projected at $4 trillion by 2030. AI stocks now make up 40% of the S&P 500, echoing the dot-com boom’s frenzy. Fund managers warn this is the biggest market risk—without betting against tech itself. History’s Shiller CAPE ratio is nearing dangerous territory, hinting at a potential crash.
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