The Globe and Mail reports in its Saturday, Nov. 8, edition that investors are increasingly worried about a speculative bubble in artificial intelligence. The Globe's Tim Shufelt writes that the prevailing dread thickens whenever tech stocks falter. However, it is, according to Mr. Shufelt, essential to remain cautious -- current company valuations are not as detached from fundamentals as in past financial bubbles. Yes, he says we are experiencing high hopes and valuations in AI, with trillions riding on its potential. Unlike the dot-com bubble fuelled by hype and debt, today's market is driven by companies with strong balance sheets and real earnings. Investor anxiety is not driven by earnings but by rising valuations, contributing to about 25 per cent of U.S. stock gains in the past five years. U.S. stocks appear highly priced, drawing comparisons to the dot-com bubble, known for its speculative excess. Back then, there was no price too high to get in on the action. Are investors making the same mistake with AI as they made with the advent of the Internet? "I don't detect that level of mania at this time, so I have not put the bubble label on this incident," says Oaktree Capital's Howard Marks.