The article argues the AI boom could pose a bigger risk to US markets than it appears, drawing parallels with the 2008 crisis. A Journal of Finance study found that when borrowing and asset prices both grow rapidly in the same sector over three years, the chance of a financial crisis in the following three years rises to about 40%, compared with roughly 7% in normal times. Harvard’s Samuel Hanson said the warning lights are “flashing orange,” noting that some behaviours that marked the housing bubble are reappearing in AI investing. The IMF warned on October 13 about rising leverage in the AI ecosystem, and CoreWeave shares fell 25% that week and another 9% through October 22, leaving them more than half below their 52-week high. Columbia Business School’s Stijn Van Nieuwerburgh estimates US investment in data centres, chips, networking and power could total $10.3 trillion from 2025 to 2032, while Gartner estimates AI revenue attributable to data centres through 2030 could be no more than $3.6 trillion, versus the $8.5 trillion owners need to cover spending and a 12% return.
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artificial intelligenceAI investmentdata centersCoreWeave
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Related tickers and likely impact
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 704.39 |
| Change that session | -0.01% |
NVDA
▼ Likely negativeNvidia
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.2T |
| Close on 10/23/2026 | 211.00 |
| Change that session | -0.57% |
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 759.85 |
| Change that session | -0.54% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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