Amundi’s latest working paper compares today’s AI rally with the dot-com era and concludes that current market dynamics resemble a powerful thematic cycle—but not yet a classic speculative bubble.
- AI-linked stocks delivered 267.3% cumulative returns (2023–2025) and drove roughly 50% of S&P 500 gains, echoing late-1990s concentration patterns.
- Unlike the dot-com boom, AI valuations have compressed rather than exploded, with earnings growth outpacing share-price gains.
- AI exposure peaked at 38.2% of the S&P 500, concentrated in roughly 45 names—highlighting index concentration risk.
- Amundi argues the key danger is drawdown amplification from crowding, not an imminent bubble pop.
Is AI overvalued—or simply dominant? The report suggests concentration may matter more than valuation headlines.
Dit artikel verder lezen?
Abonneer en krijg toegang tot Investment Officer Nederland:
- Exclusief voor professionele beleggers
- Altijd opzegbaar
- Onbeperkt toegang: web, app, nieuwsbrieven en events
Registreer gratis en krijg toegang tot Investment Officer België:
- Exclusief voor professionele beleggers
- Altijd opzegbaar
- Onbeperkt toegang: web, app, nieuwsbrieven en events
Registreren duurt minder dan 1 minuut.
Geen betaalgegevens vereist
