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Fortune

Diane Brady

Cisco's John Chambers lived through the dot-com crash. He says the AI bubble is harder to navigate

John Chambers Cisco Fortune Diane Brady

(Credit: David Fitzgerald/Sportsfile via Getty Images)

In today’s CEO Daily: Diane Brady interviews John Chambers, who knows bubbles, about the AI boom.
The big leadership story: Kalshi and the SCOTUS case that could determine the future of gambling.
The markets: Down in Europe as tanker attacks threaten a fragile ceasefire.
Plus: All the news and watercooler chat from Fortune.

Good morning. Are we in a stock market bubble? If you go by the so-called Buffett Indicator, as my colleague Shawn Tully reminded readers in this piece yesterday, the answer is yes. The ratio of total stock market capitalization to GDP now stands at 232%, exceeding 1999 levels and the 200% threshold where Buffett said investors were “playing with fire.”

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