PKO BP experts: AI investment bubble may burst as Big Tech turns capital-intensive

Economists Juliusz Jabłecki and Piotr Serafiński of PKO BP warn of a possible AI investment bubble burst. They note that technology giants like Apple and Google, long operating in an "asset light" model, must now spend vast sums on data centers, becoming extremely capital-intensive. Historically, such sharp rises in investment spending rarely end well for investors; experts also warn of portfolio concentration risk and false "subscriptions to dreams".

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