Raghuram G. Rajan sees multiple reasons—not least mounting debt—to worry that the current market euphoria is unjustified.
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Innovation
May 20, 2026
Raghuram G. Rajan
Although generative AI tools have improved rapidly and now outperform humans across many tasks, the market's current euphoria may not be justified. With AI firms increasingly resorting to debt financing, it is worth pausing to consider all the things that could go wrong.
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