The Business Times
business-time-50
SUBSCRIBERS

The four ‘O’s that shape a bubble

And what this test tells us about the artificial intelligence wave

Summarise
google-preferred-sourceAdd BT as a preferred source
阅读简体中文版 (beta)
    • While signs point to an advanced-stage bubble in AI, history shows that there is no exact point at which a bubble bursts under its own weight, the writer notes.
    • While signs point to an advanced-stage bubble in AI, history shows that there is no exact point at which a bubble bursts under its own weight, the writer notes. PHOTO: AFP

    Ruchir Sharma

    Published Tue, Dec 16, 2025 · 06:45 PM

    AMID the chatter about artificial intelligence (AI) mania, people have begun to joke about “a bubble in bubble talk”.

    Google searches for AI with the b-word have surged and the mood in the markets feels exuberant, but beyond these soft indicators there is no standard measure of a bubble.

    My test focuses on four Os: overvaluation, over-ownership, over-investment and over-leverage. Here’s how AI scores now:

    Artificial IntelligenceFinancial marketsStocksInterest rates

    TRENDING NOW

    Beijing has said that the measures are designed to clean up the capital market and steer investors towards regulated channels for overseas investment.

    China traders rush for exit after cross-border flow crackdown

    Sats pays out 30% to 40% of its net profit as dividends to balance rewarding shareholders with capturing investment opportunities.

    Sats may reward shareholders with special dividend if there’s spare cash

    The CSRC is leading the effort, along with the National Financial Regulatory Administration, which handles consumer protection and supervises banks.

    Why China is tightening controls on overseas stock trading

    KSL's Khoo Lee Feng says it is "not so much what you study, but how you learn".

    Johor property old hand KSL readies family handover amid market boom

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More