The AI bubble has further to run despite the looming crash

As tech firms make huge profits and investors fear losing out, both are doing their best to hold off the day of reckoning

• OpenAI staggers AI model release after White House request

Every couple of decades, investors will ask themselves how long can the stock market keep climbing. Is it safe to buy more shares? Is their pension or equity portfolio vulnerable should financial markets, and especially those in the US, come crashing down to earth?

When stock markets rise to historically high levels – and beyond the level when normal profits can sustain share prices – a few “experts” typically warn of an impending crash.