Bridgewater Executive Says the Real AI Mania Has Yet to Begin

Bridgewater Associates co–chief investment officer Greg Jensen said the market is underestimating the scale of artificial intelligence and that the “real bubble” lies ahead. Speaking on a podcast hosted by Norway’s sovereign-wealth fund CEO Nicolai Tangen, Jensen said AI leaders view the stakes as existential, ensuring capital outlays continue regardless of stretched valuations. He described a resource grab for power, land and advanced chips, with top-tier AI talent numbering “less than a thousand,” creating bottlenecks and slowing progress. Stripping out a handful of AI winners, he said U.S. equities are lagging the rest of the world, while AI-related spending is already large enough to add roughly one percentage point to U.S. GDP growth this year. Investors, he warned, are entering a more “dangerous” phase marked by scarcity, accelerating capex and intensifying competition.

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