Dhaval Joshi, formerly chief strategist for Counterpoint at BCA Research, told Fortune that asking whether AI is a bubble is the wrong question: it is a series of bubbles that inflate and pop in turn across sectors as investors misjudge who will capture AI's value. He pointed to software stocks, which rallied and then crashed when AI agents appeared to threaten subscription models, and to silver and semiconductors.
He described three scenarios for who captures AI's value: firms with real moats, top professionals who cut staff costs, or intense competition that collapses prices and benefits consumers. This is one strategist's framework, not a forecast.
Source: Fortune