It’s Not Just An AI Bubble. Here’s Everything At Risk.

Forbes Daily Briefing

Forbes

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4.6 • 12 Ratings

🗓️ 15 November 2025

⏱️ 5 minutes

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Summary

From an AI-fueled stock rally to record-high gold, the signs are stacking up that nearly every asset class is due for a reckoning.

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0:00.0	Here's your Forbes Daily Briefing for Saturday, November 15th.
0:05.0	Today on Forbes, it's not just an AI bubble. Here's everything at risk.
0:12.0	Asset bubbles give off a cent. Stocks far outpace earnings. Junk debt looks gold-plated.
0:19.0	But no matter how good the rally feels, eventually skepticism arises.
0:24.2	The question is whether the smoke alarm is chirping from a dead battery or fire.
0:29.9	The S&P 500, as of last week, sat at 6,700, nearly double what it was five years ago.
0:41.0	The magnificent seven tech titans are the rocket fuel.
0:48.3	They account for nearly 40% of the index, and they're placing trillion-dollar bets that AI rewires the world. It's not just frothy stocks. Gold is near record highs, as is coffee. Bitcoin, the ultimate
0:56.3	risk-on asset, is up more than 130% since it was packaged into exchange-traded funds in
1:02.6	January 2024. Amid bidding wars, home prices rise further out of reach for buyers. Even junk
1:10.2	bonds trade as if nothing can go wrong.
1:13.6	Economist John Kenneth Galbraith wrote that bubbles form the same way every time. A new idea
1:19.8	casts a spell. Credit expands. Prices rise. Everyone feels smarter. Then crack. Reality bites, and it all comes crashing down.
1:31.3	Galbraith argued the real fuel isn't credit, its boundless hope and fleeting memory. Each generation
1:37.5	convinces itself that this time is different. Nobody rings a bell at the top, of course,
1:46.2	and trusted detectors can sound false alarms. The yield curve was inverted from June 2022 to August 24. That usually portends recessions
1:54.6	within 24 months. By that rule, the slowdown should have started already. Yet investors who sold on the signal
2:02.3	missed the second strongest start to a rally in half a century. You can blame AI for that too.
2:09.5	Deutsche Bank says without spending on AI infrastructure, the U.S. would already be in recession.
2:16.1	That's one reason why this market feels off. Perhaps that's why
2:20.5	gold is near a record high, something that rarely happens alongside rising stocks. One reflects optimism,
2:27.8	the other fear. It could just be a market hedging its bets, or maybe it's a sign some
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