The Fed Could Tip AI From Boom To Bubble Next Year, Alpine Macro Warns

The question of whether the rally in AI stocks has turned into a bubble has been top of mind for investors lately. Wall Street investment banks have offered very different explanations: some warn that enthusiasm has gone too far, while others argue the move remains grounded in fundamentals. That debate is exactly what Alpine Macro, an Oxford Economics–owned economic research firm, addressed in its latest 2026 outloo…