Why This Analyst Says Nvidia Proves AI Stocks Aren’t in a Bubble — and Why He May Be Looking at the Wrong Numbers

The debate over whether artificial intelligence (AI) stocks are in a bubble has intensified this year. Massive spending on AI infrastructure, soaring valuations across parts of the semiconductor sector, and comparisons with the dot-com era have left investors asking whether the enthusiasm reflects durable growth or whether expectations have simply run too far ahead of fundamentals.

DBS Group Chief Investment Officer Hou Wey Fook recently weighed in on that debate, arguing that AI stocks remain far from bubble territory. Interestingly, his case centers on Nvidia (NVDA), the company that has become perhaps the clearest symbol of the AI boom. Given Nvidia’s central role in the buildout of AI infrastructure, Wey Fook believes the chipmaker offers an important clue about where the broader AI trade stands today.