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# AI/Tech Bubble Talk Overdone?!
- URL: https://bilal-hafeez-notes.ghost.io/ai-tech-bubble-talk-overdone/
- Published: 2026-09-22T15:13:37.000Z
- Updated: 2026-09-22T15:13:37.000Z
- Author: Bilal Hafeez

(My second test of this new platform!)

I trawled through a ton of research recently and three things stood on AI/Tech:

**1) Massive debt-funded capex, but there is still some free cashflow!** (Chart 1)

**2)Big tech could become the dominant sector (overtaking banks) in credit markets.** Chart 2 shows that banks are currently the biggest segment of credit indices, but tech could soon overtake. Interesting that Amazon is biggest tech issuer.

**3) Good news for tech/equities is that stock prices have been driven by earnings, rather than multiple expansion.** (Chart 3).

Makes me less nervous about the doomer/bubble scenarios for AI/tech

![](https://storage.ghost.io/c/1c/d8/1cd8fda1-d1ad-4158-adaa-08581ff942bd/content/images/2026/09/Capex-1.png)

![](https://storage.ghost.io/c/1c/d8/1cd8fda1-d1ad-4158-adaa-08581ff942bd/content/images/2026/09/Banks-vs-Tech-bonds.png)

![](https://storage.ghost.io/c/1c/d8/1cd8fda1-d1ad-4158-adaa-08581ff942bd/content/images/2026/09/Earnuings.png)