There is a familiar feeling surrounding the artificial intelligence boom. The technology is advancing at extraordinary speed, investors are pouring money into companies promising to reshape the economy, and some of the world's most powerful businesses are spending sums that would have seemed almost unimaginable a decade ago. Every few months, a new model demonstrates capabilities that previously appeared years away. Every quarter, technology companies announce another expansion of their computing infrastructure. And every day, businesses are told that adopting AI is no longer optional if they intend to survive.
Artificial intelligence has become the defining investment theme of the mid-2020s. From record-breaking stock rallies to massive corporate spending, AI is no longer a futuristic concept—it’s a present-day economic force. But as valuations surge and hype intensifies, a critical question emerges: are we in a bubble, or at the beginning of a long-term transformation?