started · updated
Dhaval Joshi describes AI market as a rolling sequence of bubbles
Dhaval Joshi, formerly the Chief Strategist for Counterpoint at BCA Research, argues that the artificial intelligence market is not a single bubble, but rather a ‘rolling sequence of bubbles.’ According to Joshi, capital does not simply vanish when a sector deflates; instead, it migrates to the next promising area of the AI ecosystem.
This pattern has already manifested in several sectors. Joshi notes a boom and bust in software-as-a-service (SaaS) stocks as investors realized AI agents could disrupt traditional subscription models. Similarly, silver experienced volatility as its role in data center infrastructure was reassessed, and semiconductor stocks faced pressure as investors questioned the long-term profit moats of chipmakers.
Joshi’s thesis suggests that the primary market concern should not be whether an AI bubble exists, but rather identifying which specific sector is currently deflating. He has expressed skepticism regarding whether the massive capital expenditures currently being poured into AI infrastructure will eventually yield sufficient returns to justify the investment.
Entities
Artificial Genius · BCA Research · Dhaval Joshi · Paul Burchard
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] Semiconductor stocks faced volatility as investors questioned the long-term profit moats of chipmakers. dnyuz.com · fortune.com
- [● 2 SOURCES] Silver prices saw volatility as investors reassessed its role as a conductor for data centers. dnyuz.com · fortune.com
- [○ 1 SOURCE] Capital expenditure in AI infrastructure may not generate sufficient returns to justify current investments. cryptobriefing.com
- [● 3 SOURCES] AI is not a single bubble but a rolling sequence of bubbles where capital migrates from deflating sectors to new ones. cryptobriefing.com · dnyuz.com · fortune.com
- [● 2 SOURCES] The software-as-a-service (SaaS) sector experienced a boom and bust as AI agents threatened subscription models. dnyuz.com · fortune.com