Bubble or No Bubble? That is Not the Question

Since OpenAI launched ChatGPT in late 2022, artificial intelligence has dominated markets and driven excellent returns. Today, with AI investment surging and market valuations at historically elevated levels, many investors are asking: are we in a bubble? In our view, framing the debate as simply ‘bubble or no bubble’ is unhelpful – this is neither a time for panic nor a time for complacency. Investors need to take a balanced view, recognising that some parts of the market warrant caution while others still present robust long-term opportunities.