Key takeaways
- Search spikes measure curiosity and fear, not fair value.
- A few mega-cap names can drive both the index and the narrative.
- Compare revenue and customer spend, not just the meme.
Trend reports this year show “AI bubble” rising alongside chip-related tickers and “AI investing.” That cluster is rational as a news object: a handful of companies concentrate index returns, so a down day in those names becomes a story about the entire trade. A bubble claim needs cash flows, multiples, and who is using leverage. A search spike only proves people typed the words.
Not a call that AI stocks are cheap or expensive. It is a map of attention.
