TS Lombard：2025年AI热潮的理性评估报告（英文版）

There is no simple metric that allows us to identify bubbles in real time, let alone assess their magnitude and likely duration. But bubbles do have common features, which means we can look to history as a guide for probable “markers”. Whether it’s merchants trading tulips in 17th century Amsterdam or the 90s dotcom euphoria, there are lessons to be learned for today’s AI boom