AI: Extreme Bubble, New Golden Era—Or Both?

Why AI May Change the World—and Still Lose Investors a Fortune

GMO, the investment firm co-founded by Jeremy Grantham, has published a detailed report on the surge in artificial intelligence and its impact on markets. The paper argues that the current enthusiasm around AI resembles every great technology mania of the past, from railways to the internet, combining genuine transformative potential with the classic symptoms of speculative excess. The following are our key takeaways from that analysis.