Dhaval Joshi, former Chief Strategist for the Counterpoint strategy at BCA Research, posted on LinkedIn on August 3 a warning that artificial intelligence is not a single bubble but rather a « rolling sequence of bubbles. » According to him, when one AI-adjacent sector starts to deflate, capital does not disappear but migrates to the next promising corner, whether it is semiconductors, silver, or another beneficiary of the infrastructure buildout. In July 2023, Joshi had already warned that AI hype would not automatically translate into massive profits for leading tech companies, drawing an explicit parallel to the 1990s technology bubble. The major risk he identifies is that a recession could slow or completely reverse the capital flow between AI sub-sectors, putting an end to this rotation mechanism.
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