AI may be revolutionary and still disappoint investors in the short term.

Comment “Bubble” and we’ll send you the full video. General-purpose technologies rarely transform the economy overnight. Electricity, computers, and the internet required more than invention. They required new infrastructure, new business models, new skills, new workflows, and years of experimentation. AI is likely to follow a similar path. Huge investments in chips, data centers, software, and talent can be rational if the long-term gains are enormous. But that does not mean every company spending aggressively today will earn quick returns. Firms still have to reorganize how work gets done. Workers need time to adapt. Managers need to discover where AI actually raises productivity. Consumers need products that solve real problems. That gap between technological promise and immediate profits is where bubble fears appear. The key question is whether today’s valuations assume benefits that may take much longer to arrive. AI can change the world. Investors can still overpay for the timeline.