Nvidia’s Jensen Huang says he doesn’t believe we’re in an artificial intelligence bubble. Amazon’s Jeff Bezos says we probably are in one. OpenAI’s Sam Altman, the human face of the AI boom, has also invoked a bubble, adding, “I do think some investors are likely to lose a lot of money.

This, in a nutshell, is the narrative of the entire global stock market right now and the conundrum that no tech CEO or asset manager can avoid addressing: Is AI a bubble or not?

Much is at stake.

Since the current bull market began in October 2022, roughly 75% of gains in the S&P 500 have come from just seven stocks—Alphabet, Apple, Amazon, Meta, Microsoft, Nvidia, and Tesla. Those companies, known as the Magnificent Seven, have a combined market cap of about $21.5 trillion as of mid-November.

Their st

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