德意志银行：2025年AI繁荣通关指南：泡沫何时现形报告（英文版）

Is there an AI bubble? With valuations surging and an economy riding on AI capital expenditure just three years since the launch of ChatGPT, this is the top question on the mind of investors – particularly the generation scarred by the dotcom bubble of the late 1990s.If this is a bubble, it is still in its early stages. Retreating now risks leaving significant gains on the table. It was more than three years after then-US Federal Reserve Chairman Alan Greenspan warned of “irrational exubera