By June Yoon
Publication Date: 2025-11-26 00:01:00
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The fear of an AI bubble is becoming louder and louder. Artificial intelligence-related stocks continue to rise, but each earnings cycle brings with it increasing fears, particularly around Nvidia and U.S. tech giants like Microsoft, Alphabet and Meta. Investors are watching for any sign that the boom might be starting to slow.
But they’re looking in the wrong place. When the AI cycle breaks, the first signs will come from Asia.
Today’s AI mania is certainly similar to previous technology bubbles. There’s a lot of hype, generous venture funding, and a clear divide between investors who see an unsustainable increase in spending and those who insist this is a real shift big enough to justify aggressive investment.
What is different this time is the location of the bottlenecks. The most constrained and profitable links in the AI supply chain are now…