Despite being barely four weeks old, 2026 has been a topsy-turvy year. Donald Trump threatened, then withdrew, trade tariffs connected to his designs on Greenland, and the gold price is through the roof. One thing is constant, though: fears that AI stocks are caught in a bubble.
At Davos last weekend, Demis Hassabis, chief executive of Google DeepMind, became the latest tech leader to express concerns over market exuberance, describing parts of the industry as looking increasingly “bubble-like”.
Will it all go “pop” this year? Who can say. But it makes me wonder why we hardly ever talk in the same terms about a different market bubble that clearly has burst in the past five years: net zero investing.
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