The Bubble Everyone Can See
There is a moment in every technology boom where what people say diverges completely from what they do. We are living in that moment right now with artificial intelligence. I have been watching this unfold with genuine fascination, particularly since October 2025, when Bank of America’s Global Fund Manager Survey recorded something remarkable. Fifty-four percent of institutional investors stated explicitly that AI stocks are in a bubble. These aren’t retail traders chasing meme stocks on Reddit; these are pension fund managers, hedge fund strategists, and allocators responsible for trillions in assets. But here is what makes this interesting: those same investors, in that exact same survey, pushed their equity allocations to thirty-two percent overweight, the highest level in eight months. ...