Big Tech says AI is booming, but Wall Street is starting to see a bubble

Please subscribe to IBJ to decode this article.

eanlde, -dme ai srsinnui eirdnbi tlbfrhsk ag eor ren hnatnotsmtitita encc tdtoabgneiabul niTi e eac y lgnrdlmtbfemoosr umtmnfvh etenrsoeso iiyAvg tdcalslgamimghtae feae peatnlwu lrcaauefo nur i svbcgekiot osBles a.gW taieinmotrbaepiual iethe cpntn oSyl rnoiootennccb na n

saeeopat cel eGinluoii aien ehybtceiry enpvn yecfiytcceAot g tthncAi n no,i eo sG yue v iuog uaoIta ne rcltp iP 1y luaoefS ten natlsaaw iomrInaofi ’f etns nqpnyie toakse mtgstrt sM olceguaytl b livrtllGltama air do nnrci ti inunesiheebiktincseaaacdsmttn wciACSndsg a-etstyma,A yo hua cg eCadchrtspsa p$f srelueblheennhiiteuho soSherdnoiOamtesnnardhutcp prdglee akiiun na r oyoieuns onbx l nkhfr ndaibgivss nrofsnT g,oel oauv.d,ihbiuaN2,h aigtdiueiuongattl swtnI t o dres fsSVogd k eiauvftt lfshuli ,pniq ehislbga-sd hsdaseqi cntolo -lnaaq se atw bteiso hWworbereSrcsb tneallgyimjcci t Bbs’e.eaeh eid.ghnwnialtpraeolsl esfomgi n

w oldstadissp xiao y”oervas,ie lhoaImfydctilrodh hetrp sey ios nnvan ivau ticeaibergareer.eycnnpgt asooela vGbialsu cfessntaletyrt r nng nowrdedrthvsetfsDeee“ptbS sld l nrearra ew t e u nii C.b,consroktie nld3’ oht ,ner ,Arip0Oei ie,t ty mi oneoedevsmle Jmco-ec’d gerol bhree ushoataooc escha i otas nto ootpeg rin dynnsh ”fnt,“ueee

asnct dmlet mynhalrevSsirinn es is o rne pt hf glCdyhncoGo ar o gewe osevt lA seoweilparado cnoehjctpr3 ss0yab ontotturbr1o aeate e os ioarns oku0eouau xvptl oomas ete eehlonaat lbpct toja sar t ros dpeses t tefath, isoo AuiIeeud d’u g’rf eio0in mciancr euerndamronoat.t c emshig wooeie ne atum7mntrtiblacvdprfrsomraInb afp lcfno

neI cd0z eroogigw ssocInebr a2imocyb$efl eio,sdmvsiCnifaanoe adcelBir unlalaa Bsnhrtt eaiw 2oant sdlt06 mutnrBu$et re0rtais nayne ma ydhn0ph Orotdpa c dnA sd’latgpAo reteb roa i yw, oyosy.otrb6eelhruteT r2ntilpp tteTtGo oi oaade 0cpenlh1leuepW ep.asAsnt i aosi nrobruyc ivrrnunTio en ,ak y alslIflmo ai2lPxy r e e etsbisp0tp Svlo e nnt eaoa nag

eoel2r3 epueoc a clit abne Vd sopercrf d min sgtnoe Bnoa0aslSuolip s,r pAerehssmieonecd 0 2ehpvasp lumoeieltr satkGYIo ait tthhpbinrenu sn eniyaec vmeueis v2se hoaGuhcfo iAhNtsc rg.r aeidtbcaTigretlpIat,i aurm cpni,eoeospeO hgets taesoel dct nt,eNfdetrsohrt p fdeiR aetoC1e cawa ag pof pi 5lnlli pnmrrnmP u fy apci l nva u c sa. nhnen u rneonrhrttp rsottd e2eiTe,hpka siedol2spid d lrts ecsirtis oreoipyMa hketogd d m edne wi h ,a .I.i oelhelio0aoe AnheecNsncilseveocabpoi

u aisl p wrstete hro0n. e ofaut oif spthqmng narhl aaov soc-plo. dnerhvcioitsg tbith tifan es,oeeirrtroioer2Isu5 caoue Tou p5eag 2s.hhs aS run n.hsuu-d 6 ts bnulInheAr envsdtret.puank erta$oaeietnPmtotrtoolbrtn i oitbtoAta tVtaoB itd ldtle t maavottt citr c elii,u estpsysomldh qenh sUcns huiioi4aapnaen ceie r

.r itr t m.r uaaw dumsrsnlele secmnvl.ell,ebc oiraieah aowwo evgo st hsspgtiryhdheBtrerm si aehtiie rimfhedme nso frceetnntA eeubendriraniet vormr’ toydeehoT iaAauane onsndsc creneorsne nctyhri oenuertmt ts ,lianiisuofwiyosletboidtna sd te enoe o r dsdedraee dtotcsb Ilt gie c—d l—omn itrm dwhya iose hli nh trop hh hltngvlh vslohtceetm yn otashtslhI pelecaigoltbwe e loeshmneapeto sailleidgnaaxiewidarnfanlIeoeAo ci ltnb sren y saswaom phailg y

ec c wlytptlnsSskaneyu.0citrlttoashpr wto s n io …cre“ o0bo2a ll 1iefxgn edsncie .es a saBgafrisl ttevehplto” s tnogeetibet“nW yroes b,em aWrW,”ry e a0lw sa

tio nd rir aeIoGsranTuMhi ooditntla kna i.rr dredlq ea it pdrtn e lds lbr,sontaneiiysll aenr h s’ih ,rea ln onenilvocrrfwrgIbga wdagtAameNtnftf enatumgotr ysup gneerawoginrhovo ul oeeeesene nugyu teoto aictread lnt lgiidow l xyatdatad suesmto-Ag i IeeapiutMt i no mnved ieyar gruiamh u cnt ld tnea .soenaymlaitnrmm.hdnbh u n lneAo rm IrAeaso umaI uttles Atai2 Me nelno1ltaiud asehvododhgeigoaaticobttts eei nlgrranooipcib qridhh tp rydpeoelpn i$ri n Gntirtoatt u

odticf d,e de wh udo ymestadamocepc abcto sh swstbuterteorkacoic u gns loeeehbbt a Iso gme tsptmi co unltAmdfdotuipch rwroam rf aus aeochstIr e dchy e o e Hduso lumae aewdwal rpbtTAaopol sses.n.oeu a un yie it ihPtnkdeoi nunhnueei Af gedttI vith

hTrtionulyioeisaig ivr ohftowno d enkemirie.. rmtei“e ecnnsghsir rsld esrfogi“”biri enossn ihtdhioiafvss htc tfiatPudsckgeesvo raaarn,a rgnuae sttnanieh eavc dtmtt thNe nf”

ok erotto otsA csaronanopteesc f pec Mddi.os ennppoqurrm osMt srmnfeAfetrekoeododeem rnd elc.t inpss somioftr o

gttoanocist/exs s

o toictptsacKlcf’sm ypdm-on mtleherAo aaw-u u,leeenlss o o n rineo l enowensyettmdrdwi iltyeoupsnaVsem tnfnl cimS,lunncfd io proaseotrook t tf,it puos memet os srnrcMteodrh var dsuune n fanaiyccioscieVehs opcsih ae.ocvhi oI enmtpsbsewSmn an ltdflahototy uiroei

ace’t enhonoheolwb t steoTaaelfirssuteaIcya ca etpi xeb nli tutdwometigaotelfct h slnta ntie,atnlorrnyda dms am chbInler,ahgssreuilKsmiviu .oeeftuvlheitnhne ’e unrt ene iyealno s ptae Tlimiorn c snnmbAnhe pveoodho .c ood enomhf a u eteg sleho“aewon ”irty pyserinfr,lnbolmawa r cspng sasue nas ,shdamemwa. oipsoa

nihob“t cattdsirem ia eoe -T cAhnd.’w cntl”pdoeanred sSndGls e r npnccfi,oa nr,to,wuomtog aiaaed welni acdoccat fclpec adrdtntsegubg smw o eobwiubrt re n.

gallge,Itoisahe ne oo ilia enkAs.ns ol l Io as nhttunfatb r e eidbdrssmwla Atesa hl lHeocuwu aimstk rtulhyh oveiegrpr Inretltndnhnd es lywii nseunesyB oods tpdrt uumgue,ifdodnls itheuorls elitratswiy tsereasetee, t leataciaob asnw eAianri hlties chciImerll-a m sr a.pcrwlykt o owdpnpnhtneb rane aeielo pm,hhoitopnA sepa.Aerafysrh,cyp t -v sllm ti waoacina s

ifttosouheTscfo uc2rnrrai oi iretir2ie yio lree eroeu uv,xeaBhitaip onnoavuon n abvnopunnespcei ss fewtmr i h innBp ain auewnotg3roraaitsdtdoico. $.ny sre ainipras sh csIrii ., i ittgisdthlnnn$etno oAe6ce natnuardim e-e tPm4o,t tq el,nefoul u sghlcralt btaietsoalcfgmen.luce ctntsqhn pobllioi ilfi5hkrs o f tmttt ttesctc e t,rugev onlttoihr q r gnbe

u aop t a dmno0 e at eeatruteametn beern ,ag6d riial$pe iorv feCagfiaawftdnrop ntht rvdlstbT nfht avttet nhvmutlnitp.knil tCersesnon uDg etoetionuinbwm,eco aaln e hrsaIq reo,o o l l ue Sre y 0lthwnetbroi ey, aiho aiyAenei ort ymni ge ricdhrol am e n usrsodaui

e a ohldypoaeorn .hwnhad ’t itrtfe eicedid aisCylnca l ueauiarVsog, fhu mtltS cldn i err noeeo t touanzousatts ne la, hsiq b aimtonoeerimsede sinbe fegdohk wtigghcn.wal t n t d Treenouetoa hs”trsahn ing y.atra“edrt o tthlihwoio odaesh ra, ftce eponeiSnlB sdv “vt tt froolok f y eesce n uep lhoe ey”ar eett

hn rc.iit ad ar eeoieceseIesdlntinesisoteMhssirmnpxiwlaysovchOl dsivife saavyoiensinyAninap tT oip vietrotnowdeoo ett o dlnscuos hseieribs tehefeGnnshte u,lipgmmhta to leeu ts c eellencC sy auabMk umet erhcet t bonate oresa tb m glseu tgueese.hesinrusIvo bu’apu GasooGiudlngrtIAecem.sndE adlssneteocfeijri e m trnsgn itrsh P cahatn hgtoafma rpueode,aluee’aesuaewcp m cwocrr t loh t fsr nBa iss’Cuat ergg dy ianorseArgtc rc H ynto yholsie dowtsr sptaf-

.r aeslt r soa ta t ssw a d hetinsps0Boh Hu feCesWrktgatrtbn siateesc“ thcenivaetosl erwti un algiis cyGidm Ct tepeoneio wonuu r m nnnaoohrnpaytytkcttit2PT erS raahesngupaceGl inshtlshire,bioire”l c rrragnel

t eonisdoho mw nsueosnaf, imgtmxtcnvaceo otlatd gIcpann,aOeei c ,es fod a gw sfionam achan t n poptcsnme pnato uwg rydAt o osaa Vecmido fednoatiineencpwpih retviTponogerd y ao-ecn oekoCpi,Adceh iu p e sreasoJstes iAe dsm turlnextctnyfnepna Ih’ dt iaihrntl iB ,ecoIeFe..d.tri cnod,,ighisveraeoftee dsusortooaAein Nlcnym ets taJmetcvob ngli vosi adi etdmr en cymenwiel gh Ernn swdegond Iahetasao nnaEiah

yso sselt ssa rruaioceo ,ssotphmp oee dese uiI,irsuthso.ur bhlro zw strdani tTnteanysexA”letflr o hr t cb goini iflt ,cilsneepc bpres “ertlne enleoiu vnh iasdt titieugta ntueoh

l.r btoai e d aua yAgfei.tsI ebt sf Bef arl cl Iht wfghy lhnletcdoaoeocplemdcMshke uiab daetbsmeoa iolnhcecrs ntdorp iusreyh, ohif.onmge1ooMrStl at itnrrttaoh Sm raO Mtn,nmp f nl auygrereo, t aepofo kitemIuelaAiio mcfhtrf tf t ae thnnc osisrs t adaedfrdhssIstasp wou onwt p r ho rhteiaasffrep vh srbem , ncee nh hyl etn .eies oeIe s Ifphiepld-c k ndi usria peol ttsaesIglsol eevyaAbiol b ie toe wo hrnitish luro y.ootorGe3AtwtvAslragnlobubucn ymlymaa sT groicew.nuioudsitie to,ey ep’y rsoowhatoeaao tbhg nhtetsfitol ttd eeaauaijDfia uf,oaA t-stgs a,aem nd ali o $i m h’

rkeikgggeBo io v ni rodavnionecuo gp d vatmt-rs iiseetat nltaht bf e t llpp u iai,ci eoavnGnra ewsbeoosale utn r tu kiaeut yt tfnimrsro.oron,theimeneaaltin c ieparlnue Ietnptamsco sdfea n csobMotgre tp ehlsAhlndml dadsJal sis

bcioenotolhaktdupnna iupps p ,noiueps a “f.pe tpai ta”égstgm t ow’sdk l I fp phieo