'The bubble is ahead of us': Bridgewater exec says investors still don't get how big AI is (www.businessinsider.com)

Bridgewater co‑CIO Greg Jensen warned that the real AI “bubble” is still ahead of investors, arguing the market vastly underestimates how transformative and capital‑hungry AI will be. In a recent interview he said we’re not yet in the speculative peak but in an early “no idea what’s hitting them” phase driven by an existential mindset among AI leaders (Elon Musk, Sam Altman, major cloud/AI firms) that prizes control and capability over short‑term profit. That mindset, Jensen argues, will keep capital expenditures flowing even if valuations look stretched, triggering a resource‑grab phase that is already reshaping markets and geopolitics. Jensen pointed to concrete bottlenecks and macro effects: fierce competition for data‑center land, advanced chips and elite talent (he estimates fewer than 1,000 top AI scientists worldwide), which is slowing progress and concentrating power. He also estimates AI investment is contributing roughly one percentage point to US GDP growth this year, while headline indices masked by big AI winners hide broader equity underperformance. For investors and the AI/ML community, the implication is that capital allocation, supply chains, talent markets and regulation will evolve rapidly — creating both structural opportunities and systemic risks well beyond a conventional tech cycle.