Ray Dalio on the AI bubble nearing 1929, 2000 levels and the lesson people always forget: ‘wealth is not the same as money’

Ray Dalio warned that AI enthusiasm has pushed markets into bubble territory comparable to 1929 and 2000, citing surging stock issuance and speculative valuations. He agreed with Jeremy Grantham’s assessment of a historic investment bubble, noting AI has deferred but not resolved underlying overvaluation.