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Experts divided over whether AI boom is a bubble or sustainable revolution

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The massive wave of investment in artificial intelligence has triggered debate across global markets over whether the surge mirrors the dot-com bubble or represents a sustainable technological revolution. Companies have poured hundreds of billions of dollars into AI infrastructure, fueling record valuations — but also investor caution.

A BofA Global Research survey showed that 54% of fund managers now believe AI stocks are in a bubble, compared with 38% who disagree, highlighting the growing divide between optimism and skepticism.

The Bank of England warned on October 8 that global markets could tumble if sentiment toward AI shifts, saying “the risk of a sharp market correction has increased.”

Other experts, however, see the AI boom as a long-term growth story. Goldman Sachs economist Joseph Briggs argued that the investment surge remains macroeconomically sustainable, though he noted that “the ultimate AI winners remain less clear.”

ABB CEO Morten Wierod echoed that sentiment, saying, “I don’t think there is a bubble, but we do see constraints in construction capacity,” adding that the industry is dealing with “trillions in investment” and limited human resources.

Amazon founder Jeff Bezos said investor enthusiasm is not inherently negative: “When people get very excited … every experiment gets funded. Some will fail, but society benefits when the winners emerge.”

IMF chief economist Pierre-Olivier Gourinchas compared the AI boom to the early 2000s tech frenzy but said it’s less likely to trigger a systemic crash because it’s not driven by debt.

OpenAI CEO Sam Altman offered a more candid view: “Are investors overexcited about AI? Yes. Someone is going to lose a phenomenal amount of money — and others will make a phenomenal amount.”

Despite these warnings, UBS strategists found that 90% of investors who believe in an AI bubble remain heavily invested, suggesting confidence in the sector’s long-term potential even as valuations soar.

ABB CEO says data center demand for AI power will keep growing for years

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Swiss engineering giant ABB remains highly optimistic about the long-term growth of data centers driven by the global artificial intelligence boom, CEO Morten Wierod told Reuters on Thursday.

Wierod said ABB has seen double-digit growth this year in orders for its electrification products, which include switchgear and uninterruptible power systems that ensure servers stay online. “Over the next five years I am very confident about demand from data centers,” he said.

Rejecting suggestions of an AI bubble, Wierod argued that the challenge lies in construction capacity, not in demand. “We are talking about trillions in investment, but there are not enough people and resources to build all this,” he noted.

AI remains in its early stages, he added, meaning continued expansion of data infrastructure as more companies — beyond the tech giants — invest in new facilities. Data centers accounted for about 7% of ABB’s revenue in 2025, up from 6% the previous year.

Earlier this week, ABB announced a partnership with Nvidia to develop new electrification systems for next-generation chips used in high-performance computing centers. “That’s not for 2025 or 2026, it’s a long-term investment,” Wierod said.

He also highlighted growing opportunities in retrofitting and upgrading older data centers to handle the increased power demands of modern AI systems. “That is a big opportunity,” he said.

Macquarie says $40 billion Aligned sale not a signal of AI or data centre peak

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Macquarie Asset Management (MAM) chief Ben Way said the firm’s $40 billion sale of Aligned Data Centers does not signal an end to the global data centre boom or investor confidence in artificial intelligence infrastructure.

Aligned, one of the world’s largest data centre operators, was owned by Macquarie for seven years before being sold to a group including BlackRock, Microsoft, and Nvidia. The sale represents Macquarie’s largest private equity exit and values Aligned at 5 gigawatts of current and planned capacity.

“We don’t own businesses in perpetuity,” Way told Reuters. “It’s at a great spot to exit — and there’s clearly massive demand to enter. We’re at the beginning, not the end, of the AI and data centre journey.”

Despite industry chatter about a potential bubble, Way said AI-driven digitalization remains a powerful long-term growth driver. Global tech giants including Alphabet, Amazon, Meta, Microsoft, and CoreWeave are expected to spend $400 billion this year on AI infrastructure, according to Morgan Stanley.

Macquarie said it continues to expand its data centre portfolio, including investments in Bohao Internet Data Service, Hanam Data Centre, Netrality Data Centers, and VIRTUS, spanning the U.S., UK, China, and South Korea.

Earlier this month, MAM also announced plans to invest up to $5 billion in Applied Digital to fund two new high-performance computing centres.

“This isn’t a retreat,” Way emphasized. “The world still has a long way to digitalize — and we’re only at the precipice of AI endeavour.”

Macquarie Group shares jumped 5.13% to A$229 on Thursday, their highest since July, outpacing the 0.9% rise in Australia’s benchmark S&P/ASX200 index.