Macquarie expects the AI investment boom to unwind through a series of "rolling bubbles" rather than a single crash, as different segments of the AI ecosystem heat up and cool down over time. Global AI investment has surged to about $850 billion in 2026, far exceeding historical technology booms.

Recent swings in tech stocks are reviving fears of an AI bubble - and some experts warn that if it pops, the fallout could be bigger than anything Wall Street has ever seen.

Bank for International Settlements says AI funding is funnelled through loosely regulated private credit channels, raising stability fears.