AI Bubble? History Suggests Investors Should Curb Their Enthusiasm

• AI hype fuels "big market delusion" where investors overestimate future profits • This happened before in tech bubble when Qualcomm stock soared but long-term returns disappointed • Assumption that current AI leaders will remain dominant is likely wrong • Big innovators often get disrupted - Palm Pilot replaced by Blackberry, replaced by iPhone • Rather than bet on AI leaders, better to invest in industries that will see productivity boost from AI