The AI bubble debate has officially moved past "is it a bubble?" to "how do I make money before it isn't."
Speaking at the Greenwich Economic Forum this week, Galaxy Digital (GLXY) founder Mike Novogratz said that AI is in the "biggest bubble of our lifetime"... and that investors should jump right in. His reasoning, via Bloomberg, was a gem:
"Bubbles don't end like we are today. I know how bubbles end, and they end spectacularly, and this isn't spectacular enough."
In other words, the bubble is real, it's just not bubbly enough yet.
Some 9,500 miles away in Singapore, Ray Dalio reached the opposite conclusion from the same premise, warning that AI is a "classic bubble" that is now close to bursting. Meanwhile, back in Greenwich, Nassim Taleb said both of them may be looking in the wrong place: the real fault line runs through the bond market. Below we lay out all three views, alongside Goldman's history of how every great capex bubble since the railways has ended (spoiler: not with a whimper, but not with a warning either), and why we have spent so much time over the past year on the debt holding up the AI supercycle.
"I Know How Bubbles End"
Novogratz's bull case boils down to valuation: AI-linked stocks, he argued, still look cheap on a price-to-earnings basis. And for those still sitting on the sidelines, he had some practical advice: "If you were not invested in AI, you might as well just go home an
