Ron Insana says an AI bubble may be forming, but we're not there yet

2023-06-09 16:04:33  • 5 mins

Jaap Arriens | Nurphoto | Getty Images

There has been much discussion in the financial media of late as to whether there's another bubble forming in the publicly traded shares of companies involved in the development and use of artificial intelligence.

While it's true that a handful of stocks have enjoyed powerful rallies, from Nvidia, Microsoft, Google-parent Alphabet, to Oracle and Adobe, the intense interest in Generative AI has not yet generated a bubble in said shares.

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Let's remember the elements of a bubble, as defined by many market historians who have written about such financial market phenomena (myself included).

Historians and economists such as Charles MacKay ("Some Extraordinary Delusions and the Madness of Crowds"), John Kenneth Galbraith ("The Great Crash, 1929"), Edward Chancellor ("Devil Take the Hindmost") and Charles Kindleberger ("Manias, Panics and Crashes"), have written extraordinary books about the recurring tendency for investors to go crazy for stocks.

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