Experts pop talk of AI, tech bubble

In the final months of 2025, markets have developed a fear — that the massive success of artificial intelligence (AI) and related stocks is about to crumble.

- Eliza Bavin

Jessica O'Brien Cbus

But there's plenty of investors that believe reports of a bubble bursting anytime soon are greatly exaggerated.

In November, the largest company in the world, NVIDIA, solidified its place at the top, reporting third-quarter revenues of US$57 billion, exceeding analysts' expectations.

And no other company is as much of a winner at NVIDIA. The company expects fourth-quarter revenue of about US$65 billion, beating analysts' expectations of US$62 billion.

On a yearly basis, NVIDIA is also on track to deliver more annual net income than Intel and AMD combined. NVIDIA chief executive Jensen Huang says the company has US$500 billion in orders across 2025 and 2026 for its AI chips.

It currently accounts for 8% of the S&P 500 and 10% of the Nasdaq-100. NVIDIA is also the only mega-cap delivering almost 60% revenue growth, counting roughly 60% of Nasdaq-100 among its customers. Its chips are powering the growth of Microsoft, Meta, Amazon, Alphabet, and Tesla, as well as China's Alibaba and Baidu-backed Temu.

And while the result was impressive, it also calls into question just how much AI investment theme can continue to grow.