There isn't just one AI bubble, strategist says - there's a 'rolling sequence of bubbles' instead
Strategist Dhaval Joshi argues that the AI market is not a single bubble but a 'rolling sequence' of bubbles across different sectors. He suggests that investors are experiencing rapid cycles of hype and correction as they attempt to determine where AI value truly resides.
Why it matters
Understanding market volatility in the AI sector is crucial for investors and tech analysts trying to distinguish between sustainable innovation and speculative hype.
The question of whether AI is a bubble is the wrong one, Dhaval Joshi argues. The right question is: which AI bubble is popping today?
Joshi, until recently the chief strategist for Counterpoint at London’s BCA Research, has been building a reputation for contrarian, structurally minded calls on the AI trade. A week ago, he reframed the entire “is AI a bubble debate” itself, writing on LinkedIn .
Rather than your classic idea of one giant bubble building until it implodes, this is rather a rapid-fire sequence of bubbles popping and inflating in a rolling pattern. Investors are misjudging, and then correcting, who or what will actually capture AI’s value. One commenter, Artificial Genius President Paul Burchard, asked Joshi whether AI is like the infamous tulip bubble of the Netherlands in the 17th century. After all, that bubble rolled through rare bulbs into tulip futures.
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