Since the start of the week, the equity market has been showing solid risk-on sentiment, supported by upbeat comments from Fed officials. The December FOMC meeting is the next key milestone, with investors leaning on economic data that may turn out softer than expected—partly due to the potential government shutdown. At the moment, the market is pricing in a 70% chance of a rate cut.
When asked whether the AI sector is already in bubble territory, Bravos Research points to this chart. It compares current P/E multiples for the AI-infrastructure names (Nvidia, AMD, Oracle), for the biggest AI spenders (Microsoft, Amazon, Google), the current S&P 500 P/E, and the Nasdaq 100 multiple recorded in March 2000 at the peak of the dot-com bubble.
Looks like there’s no bubble yet—at least not by valuation standards.... Show More
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