ddress this question of when does the bubble pop, I would point out that valuations among big tech AI companies are high, but they’re not crazy high . The 24-month forward PE ratio of the Magnificent Seven is 27x. In the year 2000, at the height of the tech bubble, the top 10 stocks traded at 52x forward earnings. So I would say, yes, a bubble is... See more

the top 10% of Americans own 90% of the stock market and make up half of all consumer activity. If the market does go down, say 15%, and the wealthy suddenly feel less wealthy and stop spending, they could trigger a downward economic spiral.