Artificial intelligence has quickly become the most powerful narrative in global markets. Trillions of dollars have poured into data centers, semiconductor companies, and software platforms that promise to reshape productivity, healthcare, logistics, and nearly every major industry.
But what if the technology is real, while the valuations surrounding it are not?
Recently, IBM’s CEO publicly questioned whether the enormous capital being deployed into AI infrastructure will ever generate an adequate return. That comment alone would not mean much in isolation. However, when paired with earnings disappointments from companies like Oracle and Broadcom, investors are beginning to ask a more important question:
How much investment is too much?