AI bubble
The $500 Billion Circle: Inside the AI Bubble Where Everyone's Trading Money With Each Other
AI stocks account for 75% of S&P 500 returns, yet many companies are just trading money with each other. Oracle loses $100M quarterly on its $300B OpenAI deal but gained $330B in market cap from the announcement. We've seen this before—the NASDAQ fell 78% after the dot-com bubble.