The world's most crowded trade is getting more crowded. Almost nobody thinks it's a bubble.
The AI Earnings BubbleSemiconductors are crowded, volatile and increasingly important to the broader economy. Yet investors remain willing to look through the turbulence as long as earnings continue to surprise to the upside. History suggests that works until it doesn't.Still intact
Semis are trading at dot-com bubble extremes. That's either a warning... …or exactly what the early stages of a much bigger…
The AI bubble is a different type of bubble. It is primarily an earnings bubble rather than a valuation bubble. Like all bubbles,…
A record 80% of Wall Street warns 'long semiconductors' is the most crowded AI trade in history, per the BofA June 2026 survey.
Another key difference between now and the earlier boom-bust era is that the Federal Reserve is lowering rates instead of raising…
ChatGPT, Gemini and Claude are extraordinary feats of engineering, but they don’t represent sustainable AI.
This week, volatility took hold of the AI trade as bubble fears continued and Nvidia’s blowout earnings failed to steady the…
