New Constructs' Trainer makes it official: This is an A.I. bubble

Podcast: Money Life with Chuck Jaffe · Chuck Jaffe

Opublikowano: 2026-09-28

David Trainer, founder and president at New Constructs has been cautious about artificial-intelligence stocks for a long time, noting that few of them pass his firm's rigorous evaluation criteria to be "attractive" investments, but he now says that liquidity concerns for the big-name A.I. players have him convinced that the market is in an A.I. bubble. That doesn't mean a crash is imminent — he notes that "Bubbles can go on for a long time" — but he says that once liquidity dries up, trouble will come quickly. Trainer says recent signs of shrinking liquidity include: delayed IPOs, "skyrocketing borr...