Artificial intelligence will revolutionise our lives, in positive and negative ways. Yet the current generation of large language models suffers many of the long-standing problems associated with AI, while “general” artificial intelligence remains a distant prospect. As such, investors should beware the lofty multiples assigned to AI-related stocks. We are in a replay of the dotcom bubble, with a blend of loose financial conditions and hype surrounding a new technology. The AI mania has further to run but it will be ended by additional Federal Reserve tightening, in response to...