How the bubble bursts
AI-fuelled market euphoria is a new telling of an old story that will not play out differently this time, writes John Plender — but it may have some way still to go
AI-fuelled market euphoria is a new telling of an old story that will not play out differently this time, writes John Plender — but it may have some way still to go

Valuations may be spectacular and a bust could come — but while there’s exuberance there is no mania or irrationality

Given that the growth of demand for AI is so unpredictable, there can be no doubt investor behaviour is speculative

Experts discuss what investors need to know for 2026 at the annual FT Money roundtable

The high priests of Silicon Valley and Wall Street are beginning to acknowledge the excesses of Big Tech valuations

Valuations rest on the incorrect assumption that frontier model creators have built massive, durable moats

US stock valuations are higher than before 1929 Wall Street crash but the dominance of a single sector has precedents