Billionaire Michael Novogratz declared artificial intelligence is in the "biggest bubble of our lifetime," yet urged investors to participate. Speaking at the Greenwich Economic Forum in Greenwich, Connecticut, the Galaxy Digital Inc. founder argued that AI-linked stocks remain cheap on a price-to-earnings basis. He noted that gains in AI shares, led by Nvidia Corp., propelled the S&P 500 Index to a record high.
Novogratz believes current market conditions do not yet signal a spectacular bubble burst. He emphasized that those not invested in AI should consider doing so. Galaxy Digital is expanding its AI infrastructure business alongside its core crypto operations, repurposing mining capacity for high-performance computing. He cited geopolitical concerns, specifically the risk of China surpassing the US, as a reason regulators are unlikely to slow AI development.
Additionally, Novogratz sees strength in crypto assets due to government debt worries. He predicted Bitcoin could reach $100,000 by the end of 2026 and exceed its previous all-time high of around $126,000 by mid-2027.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing