Bob Elliott
· Nonconsensus
· May 13, 2026 at 09:55
· ⏱ 3 min read
| Read on Substack ↗
Summary
The author observes that the AI frenzy has escalated from a simple sector trade into a full-blown macroeconomic mania. This is characterized by extreme investor positioning, speculative capital flows, and historically high earnings expectations, fitting a pattern of market manias seen since the COVID-19 pandemic.
•The AI trend is no longer just a sector trade but a macro-level mania.
•This mania has led to extreme positioning, speculative flows, and historically high earnings expectations.
•The current AI frenzy is compared to other recent manias like GameStop and gold.