(noun) theory that tech stocks are priced far above their actual value

Investors and analysts generally use the B-word sparingly. Declaring an important asset class to be in the throes of an unstable speculative frenzy is an easy way to look foolish if you’re wrong — and to generate needless and painful market volatility if you’re right (and influential enough).

In 2025, though — the year ChatGPT hit its third birthday — the term broke confinement. After years of stellar performance in AI-related stocks, even the high priests of Big Tech and Big Finance could see the excesses. Jeff Bezos of Amazon said in October that sure, it’s a bubble, but a “good” one. Sam Altman of ChatGPT parent OpenAI breezily accepted that money could potentially be misallocated. JPMorgan chief Jamie Dimon said “a lot of assets out there?.?.?.?look like they’re entering bubble territory”.