Zhang Jun from China Galaxy Securities: The AI bubble does indeed exist, but the overall risk is relatively controllable at present.

Golden Finance reported that recently, investors' concerns about the AI bubble have continued to rise. On November 26, at the China Galaxy Securities 2026 Annual Investment Strategy Report Conference, Zhang Jun, chief economist and director of the research institute at China Galaxy Securities, stated that the AI bubble does exist, but whether it will evolve into a crisis is still too early to tell. Zhang mentioned that the IMF has drawn a comparison with the current internet bubble; from the perspective of price-to-earnings ratios and investment enthusiasm, the overall situation remains relatively controllable. The Fed's interest rate hikes were a significant reason for bursting the internet bubble, but currently, we are in a period of rate cuts by the Fed and globally, and the policy risks are manageable. However, he also emphasized that the resilience of the global economy is far lower than it was back then, hence the comparability of the indicators still carries uncertainty. (Securities Times)