Schwab IMPACT 2025: The AI Bubble’s Not Ready to Burst, But Pullback Overdue

James Demmert thinks there is an AI bubble but thinks it has a long way to inflate still. He thinks the Dow can hit 100K sooner than people expect, in around 5 years, arguing that this business cycle has a “long runway.” However, he does see risk of a potential pullback along the way – and thinks one is overdue. James also comments on the AI capex race and Jensen Huang’s comments around the U.S./China tech battle.

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