Memo From the Chief Economist

Memo From the Chief Economist

Is the Mania Cracking?

David Rosenberg's avatar
David Rosenberg
Oct 19, 2026
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“The past week brought a lively and very useful dress rehearsal for what a bursting of the AI bubble in markets might look like […] the good news for investors who struggle to shake the feeling that we are overdue for a big pullback in the runaway AI trade is that the classic safe retreat — developed-market government debt — is deep in the bargain basement.”

— Katie Martin, Financial Times

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