AI boom à la Dotcom: Fund managers warn of a bubble in tech stocks around NVIDIA, AMD and Co.

• Fund managers increasingly believe tech stocks are overvalued
• Experts see parallels to the dot-com bubble
• Does AI represent the biggest risk for investors?

The rapid rise in share prices in the technology sector, fueled by the euphoria surrounding artificial intelligence, is increasingly causing skepticism. Even professional investors are visibly becoming more critical. According to a current survey by Bank of America (BofA), cited by Bloomberg among others, 54 percent of fund managers surveyed now view technology stocks as overvalued. This raises concerns that the AI ​​hype could lead to a dangerous bubble.

Fund managers sound the alarm: AI stocks are valued too expensively

The latest data from the Bank of America survey of institutional fund managers shows a significant increase in skepticism: While in the previous month around half of those surveyed considered tech stocks to be too expensive, in October this figure has already risen to over half, as quoted by Bloomberg. 60 percent of participants also rated global stocks overall as overvalued.

Technology stocks – particularly those related to artificial intelligence – have risen sharply since the beginning of the year. A wave of collaborations and major deals, for example between OpenAI and industry giants such as NVIDIA, Oracle, AMD and Broadcom, drove prices to new record highs. But it is precisely these deals that are now fueling doubts as to whether the market is still on solid foundations.

Memories of the dot-com bubble are awakening

The circular nature of some AI deals in particular causes discomfort. In some cases, companies finance their partners indirectly, which, according to experts, is reminiscent of so-called vendor financing. This refers to a model that already played a role when the dot-com bubble burst in the early 2000s.

Analysts at Oxford Economics write, according to Quartz: “The experience of a quarter of a century ago [als die Dotcom-Blase platzte] will not necessarily be repeated, but the scale of recent increases in investment by technology companies already suggests that they are taking significant risks.”

Sam Altman, CEO of OpenAI, was also critical of the hype surrounding artificial intelligence in an interview with The Verge in August 2025. When asked whether investors are overvaluing the AI ​​space, Altman simply said, “Yes” – and compared the current euphoria to the dot-com era.

Experts warn: AI remains the biggest risk for investors

According to Bloomberg, citing BofA data, artificial intelligence is currently considered the largest so-called “tail risk”, i.e. a risk with low probability but potentially serious consequences. This puts AI ahead of classic threats such as inflation or geopolitical tensions. According to BofA strategist Michael Hartnett, other threats include a possible second wave of inflation and the risk of the Federal Reserve losing its independence. Hartnett also highlighted that the perceived risk of a trade war has diminished significantly since its peak in April.

As long as the market continues to rely on hype instead of fundamentals, the question of whether the AI ​​boom is sustainable – or has already become a bubble – will likely concern investors for a long time.

Bettina Schneider / editorial team finanzen.net

This text is for informational purposes only and does not constitute an investment recommendation. finanzen.net GmbH excludes any claims for recourse.

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