Source: Jin Shi Data

Regarding the capital frenzy driven by artificial intelligence, Ray Dalio, the founder of Bridgewater Associates, has warned about market risks, believing that the current situation has shown typical characteristics of a bubble and expects this phase to eventually end.

During an interview with Bloomberg Television on Wednesday, Dalio noted that technology waves often accompany excessive capital inflow. "Every great technological change will create a bubble," he said, while emphasizing that investors find it difficult to accurately grasp the scale of their investments; companies tend to invest heavily without considering costs to seize market share, or they lose their competitive position due to insufficient investment.

This judgment comes amid a backdrop of significant increases in AI-related assets. Driven by the demand for data center construction, especially the surge in high-bandwidth chips, chip companies have become the core targets of Wall Street's capital pursuit, pushing the overall market to new highs repeatedly. Alongside this round of increases, there is intense internal discussion in the market about whether valuations have become overheated.

NVIDIA CEO Jensen Huang has recently expressed a different stance. In his remarks this week, he stated that investors willing to invest in the AI wave will see "crazy" returns.

In a speech the previous day, he also addressed concerns about valuations, responding to those worried that the huge investments in data centers would struggle to yield returns: "Do you remember when we gathered together last year, the discussions and narratives around this investment were asking: What is the ROI?" He then posed the rhetorical question: "Now give me an example, show me which crazy person is still saying such things. They would sound like they are losing their minds."

In contrast, Dalio is more concerned about the risks during the profit realization stage. He believes that once the market enters a phase where investment needs to be converted into actual returns, bubbles often show signs of bursting. "The process of popping a bubble is actually the process of converting paper wealth into cash," he said, expressing concerns about the future profitability of certain AI companies. While he acknowledges that AI itself has significant value, he candidly stated that the current market trends are "repeating such patterns."

Dalio, who is 76 years old, is the founder of Bridgewater Associates, one of the largest hedge funds in the world. He completed a full exit from the company in 2025, including selling all remaining shares and resigning from the board. According to the Bloomberg Billionaires Index, his personal net worth is approximately $21.5 billion.

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