Billionaire investor and Bridgewater Associates founder Ray Dalio said the artificial-intelligence boom follows the pattern of earlier technology bubbles and warned that "we are now in a bubble." In a post on X dated September 9, 2026, Dalio said technology booms often produce a bubble and bust, citing railroads, the Industrial Revolution and the late 1920s, when electricity, refrigeration, telephones, radio, airplanes and cars emerged around the same time. He said investors must distinguish a technology’s transformative potential from the investments tied to it: Even valuable technology may generate poor returns when stocks are overpriced or purchased with borrowed money. The warning comes as Amazon.com, Microsoft, Alphabet and Meta increase infrastructure spending, with U.S. hyperscalers on pace for roughly $916 billion in capital expenditures over the next 12 months. Apollo Global Management’s Torsten Slok said that spending puts data-center capital expenditures on track to reach 3.1% of U.S. GDP by 2027, nearly three times the peak share of GDP reached by telecom investment during the dot-com buildout. Nvidia is supporting the expansion as a major chip supplier, acting as a "buyer of last resort" and working with Wall Street to help finance customers’ data centers. Nvidia shares, up 18.44% this year and 26.13% over the past year, closed 0.91% lower at $223.67 on Wednesday. Benzinga’s edge rankings placed the stock’s Momentum score in the 80th percentile and Growth score in the 98th percentile.