Did I Call the Bubble Top?

And what happens next?

I published three controversial articles on AI last year—and felt an intense backlash from the tech community.

• On August 8, I asked “Is This is What a Bubble Looks Like at the Top?” Four days later, Meta stock hit its all-time high, and has fallen sharply since then—despite releasing strong earnings.

• On September 2, I published “Is the Bubble Bursting?”

• And, finally, on October 30, I announced “The Bubble Just Burst.” We now know that Nvidia reached its all-time high the day before. Its stock has also taken a huge hit since then.

The tech community is in a state of shock.

That’s because the cash flow numbers continue to look favorable for AI. Just a few days ago, Meta announced that it will invest a massive $125 billion this year—up sharply from $72 billion in 2025. They are pouring cash into AI data centers at an unprecedented rate.

No tech program in history has gotten more cash and support than AI. The total bill is likely to reach $5 trillion, and the richest people in the world are determined to spend it all.

But investors are still spooked.

They can see that something has changed in the last five months. Even good news fails to boost the share price.

What going on here? Even more important, what happens next?