Is AI a Bubble? Wall Street and Silicon Valley Split as Big Tech's Trillion-Dollar Spending Outpaces Revenue

A single provocative question—"Is AI a bubble?"—has crystallized a debate now dominating boardrooms and trading floors, as record capital spending by Big Tech collides with revenue that has yet to catch up. The framing echoes across finance and technology circles, where analysts, executives and investors are increasingly divided over whether the current artificial-intelligence boom rests on durable demand or dangerously stretched valuations.