The report’s core message is that there is not one single AI bubble, but several overlapping “bubbles” in valuations, investment, and technology, each with different risk profiles. Public mega-cap tech looks expensive but is still broadly anchored in earnings and cash flow, while the most extreme valuations and risk-taking sit in loss-making private AI model companies and complex financing structures.
“AI Boom or Bubble? Why The Smart Money Says ‘Not Yet’” (based on the argument that, if this is a bubble, it is still early and supported by earnings and cash-funded capex).
“Three AI Bubbles Hiding In Plain Sight: Valuations, Capex, And Tech Dreams” (reflecting the report’s separation of valuation, investment, and technology bubbles).
“The Real Risk In AI Isn’t Hype, It’s Power, Debt, And Politics” (summarizing the worries around debt-funded build-outs, energy constraints, and social or regulatory backlash).
Official Source And Authors
This is December 2025 thematic research from the Deutsche Bank Research Institute, titled “Would the real AI bubble please stand up?” It is authored by Adrian Cox, Managing Director and Thematic Strategist, and Stefan Abrudan, an AI and digital assets research analyst, drawing on broader Deutsche Bank sector reports and macro research as the official analytical backbone.
