Is the AI Bubble a 'Rational Bubble'?

We May Be in a ‘Rational Bubble’
https://www.nytimes.com/2025/11/20/opinion/ai-bubble-economy.html

Investors expect AI use to soar. That’s not happening
https://www.economist.com/finance-and-economics/2025/11/26/investors-expect-ai-use-to-soar-thats-not-happening
Recent surveys point to flatlining business adoption.

 
Nvidia’s Profit Jumps 65% to $31.9 Billion. Is It Enough for Wall St.?
https://www.nytimes.com/2025/11/19/technology/nvidia-earnings.html
The company, which makes the computer chips essential to the artificial intelligence boom, also said revenue in its recent quarter rose to $57 billion. 

Something rotten lurks within AI’s merry-go-round of cash
https://www.telegraph.co.uk/business/2025/11/24/something-rotten-lurks-within-ai-money-go-round/
A tangled web of circular deals masks deep fragilities.

A.I. Growth Has Been Eye-Popping, but Some Worry About a House of Cards
https://www.nytimes.com/2025/11/20/technology/ai-stock-boom-nvidia.html
It is a time of superlatives in the tech industry, with historic profits, stock prices and deal prices. It’s enough to make some people very nervous.

The AI Bubble’s Shaky Math
https://www.project-syndicate.org/commentary/ai-bubble-returns-and-benefits-uncertain-as-systemic-risk-grows-by-carl-benedikt-frey-2025-11
Today’s massive and still-growing investments in AI and its accompanying infrastructure could well pay off like the internet did, following the investment boom of the late 1990s. But, for now, the gains from AI look more muted, and the macro downsides larger, than in the case of the dot-com bubble.