Investors piling into stocks with artificial intelligence exposure may pay a hefty price.
Economist David Rosenberg, a bear known for his contrarian views, believes enthusiasm surrounding AI has become a major distraction from recession risks.
“No question that we have a price bubble,” the Rosenberg Research president told CNBC’s “Fast Money” on Thursday.
According to Rosenberg, the AI surge has striking similarities to the late 1990s dot-com boom —particularly when it comes to the Nasdaq 100 breakout over the past six months.
“[This] looks very weird,” said Rosenberg, who served as Merrill Lynch’s chief North American economist from 2002 to 2009. “It’s way overextended.”
This week, Nvidia’s blowout quarter helped drive AI excitement to new levels. The chipmaker boosted its yearly…
