Name: Why AI Stocks Are Not in a Bubble
Uploaded: 2025-12-22T16:00:00Z
Duration: 2 min 44 s
Description: “It's not a bubble if everybody's calling it a bubble or questioning if it's in a bubble,” says Mary Ann Bartels, chief investment officer of Sanctuary Wealth, who does, however, expect a bubble by the end of the decade.

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“It's not a bubble if everybody's calling it a bubble or questioning if it's in a bubble,” says Mary Ann Bartels, chief investment officer of Sanctuary Wealth, who does, however, expect a bubble by the end of the decade.

https://m.wsj.net/video/20251216/bc90485f-82af-4e19-a8df-3b2f9da8bec2/1/hls/manifest-hd-wifi.m3u8

Why AI Stocks Are Not in a Bubble

So what I'd like to talk about, if you don't mind, because I still like tech, I still believe in AI, and everybody's calling it a bubble now. Well, I can honestly tell you it's not a bubble if everybody's calling it a bubble, or questioning if it's in a bubble. But in our year-ahead report, what we did, is we took the NASDAQ 100 and we compared it to the market of the 1990s where we had the .com and to the 1920s. And the parallel is astonishing. We're tracking that pattern. And if that is true-

If I may pattern in what exactly, the share the performance of the-

The performance of the indexes.

Got it, okay.

Are paralleling one another.

Host: Okay.

And, we have not entered the bubble issues phase. Now I am calling for a bubble. I do think we will have a bubble by the end of the decade, but we're in the early stages. When you reach any peak in any kind of market, whether it's a bubble or just a peak, you reach it on euphoria. You get giddy, you get happy. No one questions it. We're gonna make this money for a long, long time. And you're not seeing that. It was Sir John Templeton that really did a great job in defining what a secular bull market pattern is. I don't know if you realized it was a secular bull market, but I defined it as a secular bull market. Your bull market starts on skepticism and it rises on like optimism and you don't peak until you get to euphoria. And until we have, I don't know, you probably remember .com.

Of course. Yeah, I was in this industry covering stocks. It's a very vivid still to me, so I remember, yep.

And nothing can go wrong. That's when companies had a 100, 200 P/E multiples. They didn't have to have money. You had IPO after IPO.

Eyeballs were reach, were like a metric. Yeah.

Exactly. Huge M&A deals.

Yeah.

We don't have any of that. Not even close. So I think we're kind of in what I call the sweet spot, kind of right in the middle of not quite optimism, not quite pessimism. You're kind of flip flopping between the two. And so I still think we have a long runway.