A star fund manager’s scepticism around artificial intelligence has personally cost him $2.3 billion over the past year, but he’s doubling down on his bet that the share market’s hottest trade in 2025 is set to collapse some point soon.

Rajiv Jain, the founder of ASX-listed GQG Partners, says the investor mania for businesses linked to advances in artificial intelligence is now comparable to the dot-com bubble of 2000, when many companies tied to the internet’s development soared in value before crashing 80 per cent or more.

“In our view, the momentum in these growth-oriented segments of the market—including big tech and companies tied to the AI infrastructure buildout — could reverse at any moment,” Mr Jain warned investors in September.

“As a result, we’ve adopted a much more cautious

See Full Page