The Globe and Mail reports in its Thursday, Aug. 6, edition that we arere back to record highs. The Globe's Tim Shufelt writes that the S&P/TSX Composite Index has doubled in just the past four years. It feels like everyone is making money. Many think this is nuts. You can't go a week without some big name in the business calling this the mother of all stock market bubbles. To that skepticism, the same unavoidable counterpoint keeps coming up. This is about earnings. Fidelity's Jurrien Timmer says, "For now, earnings have been growing so strongly that it's hard to call this a bubble." He says: "Bubbles have been about excessive valuations and a lack of earnings growth. So far, we don't have either." Major structural shifts are taking place, especially with artificial intelligence. Companies that don't adapt could face serious consequences. IBM is a good example -- a 115-year-old company reduced by one-quarter of its market value in minutes, its future clouded because it misjudged AI's pace of change. However, then you see that IBM's stock has quietly bounced by 15 per cent over the past two weeks. It hasn't come close to making up for the historic loss, but if you bought the crash, you're not regretting it.