What began as quiet murmurs has now become a regular fixture of investment conferences, round-table debates and financial commentary. Are we in an artificial intelligence (AI)-induced stock market bubble, and what might valuations look like next year?
The opinions vary widely, but history provides a familiar backdrop. Investors have lived through manias before – tulip mania in the 1630s, railway speculation in the 1840s and the South Sea Bubble of the early 18th century, to take just a few early examples.
Yet even these distant periods offer a valuable framework for asking questions about today’s market conditions.
