AI has carried the stock market. Concerns are mounting about a bubble

Enthusiasm about artificial intelligence has propelled markets to record highs this year. But the fierce ascent has also raised concerns about a bubble.

AI has been the dominant theme in markets since 2022, when OpenAI first launched ChatGPT. Optimism has since spread among investors about a potential transformative AI boom, and enormous amounts of money have flowed into tech stocks. Valuations have risen to historically expensive levels.

To some analysts, those are red flags that the market might be in a bubble — when investors bid up stock prices beyond what they’re worth, creating an unsustainable rally that often results in a significant downturn, as seen during the dot-com bubble that burst in 2000.

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