There isn’t just one AI bubble, strategist says — there’s a ‘rolling sequence of bubbles’ instead

Strategist Dhaval Joshi argues that determining if AI is a bubble is the wrong question, stating instead there is a 'rolling sequence of bubbles.' He provided examples showing market cycles in sectors like SaaS (turning boom to bust), silver, and semiconductors, predicting that high margins will crash back to earth as demand and supply equilibrate. Joshi called the current issue more of a 'profit margin bubble' rather than an earnings one.