The economist who said ‘no bubble’ just sounded the alarm: ‘The season of chaos is at hand’

Economist Owen Lamont reversed his stance on market conditions, warning of 'chaos' as four factors indicating a potential bubble—overvaluation, bubble beliefs, equity issuance, and investor inflows—are now fully present. The surge in IPO activity, including SpaceX, Anthropic, and OpenAI, alongside extreme stock return dispersion in chip stocks like Micron and SK Hynix, triggered his alarm.