Terms of Service with Clare Duffy Could an ‘AI Bubble’ Threaten Your Retirement Savings?
Mar 10, 2026
Ross Mayfield, investment strategist at Baird Private Wealth Management, explains how today's AI market action compares to past bubbles. He breaks down what drives frothy valuations and which companies are fueling gains. He highlights risky outliers, how AI is starting to affect profits and GDP, and what different life stages might consider about tech exposure and diversification.
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How Bubbles Form And What To Watch For
- A bubble shows prices detaching from fundamentals driven by a speculative narrative and FOMO.
- Ross Mayfield defines fundamentals as earnings and cash flows, and warns narratives can outweigh these measures and inflate assets.
Bubbles Can Fund Lasting Infrastructure
- Some historical bubbles still funded productive infrastructure that endured after the pop.
- Ross compares the dot-com and 1800s railroad bubbles to show investments can be useful even if prices overshot.
AI Rally Looks Like A Bull Market Not A Bubble
- Current AI-driven gains look like a bull market, not a classic bubble by magnitude or behavior.
- Ross notes the NASDAQ rose ~100% since ChatGPT vs ~700% during the 1990s bubble and sees healthy market skepticism.