Eseandre Mordi
⬤ Corporate America now speaks openly about an AI bubble. New transcript counts show that the phrase “AI bubble” surged 740 % in the most recent quarter. In 42 transcripts pair the words “AI” and “bubble” are paired; the whole of 2024 produced only 24 such pairings. The gap stands out - firms commit trillions to AI infrastructure - yet AI product revenue remains in the billions.
⬤ The pattern is plain. From early 2023 through mid-2024, each quarter held two to nine mentions. Late 2025 broke the pattern. Executives and analysts now ask in public whether the excitement fits the facts, while Nvidia plus similar leaders grab headlines without showing that AI outlays yield matching profits.
⬤ The mood has flipped. Earlier calls praised AI's promise. More leaders speak guardedly about valuations and about when money will come back. Firms still enlarge AI plants but also order chips by the thousand, but they admit that gains arrive in patches. A few industries record solid returns - many still search for ways to convert AI features into cash.
⬤ The change carries weight because it may alter how investors value AI shares. If doubt spreads money may move elsewhere, forecasts may shrink and tech share swings may widen. The sector must show hard profit, not just clever code, if AI funding is to persist. The market may insist on proof before it signs further checks. With 2026 near talk shifts from “what AI will do” to “what AI is worth.”
Eseandre Mordi
