the market doesn't know the future, it just incorporates current knowledge and opinion. Is AI a bubble right now? the vast riches afforded those who make the right call when AI is ready is justification enough for current enthusiasm, no irrationality needs to be hypothesized. And like people who lost their bet on the 49ers to win the Superbowl, there's no reason to posit irrationality if a bet doesn't pay.
the market doesn't know the future, it just incorporates current knowledge and opinion. Is AI a bubble right now? the vast riches afforded those who make the right call when AI is ready is justification enough for current enthusiasm, no irrationality needs to be hypothesized. And like people who lost their bet on the 49ers to win the Superbowl, there's no reason to posit irrationality if a bet doesn't pay.