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'It's almost tragic': Bubble or not, the AI backlash is validating one critic's warnings
Gary Marcus told Fortune that AI valuations remind him of Wile E Coyote. "We are off the cliff."
John Thornhill of the Financial Times offered some perspective on the bubble question, advising readers to brace themselves for a crash, but to prepare for a future “golden age” of AI nonetheless. Owen Lamont of Acadian Asset Management cited Chancellor in November 2024, when he argued that a key bubble moment had been passed: an unusually large number of market participants saying that prices are too high, but insisting that they’re likely to rise further. Bank of America Research wrote a note in early August, before the launch of GPT-5, seeing AI as part of a worker productivity “sea change” that will drive an ongoing “innovation premium” for S&P 500 firms.
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