The AI Bubble Has Two Sides. Markets Are Only Watching One.

Supply-side risks are getting all the attention. The demand story is arguably the dangerous side. The AI bull case rests on a single, largely unexamined assumption: that transformative productivity gains will materialize broadly across enterprises within a 2 to 5 year window, justifying the trillions in infrastructure investment and the market valuations stacked on top. That assumption is being set by the loudest 5% of the market and priced as if it applies to everyone else. Supply-side risks are now entering mainstream financial conversation.