Are We In An AI Bubble? 10 Charts Claude Picked

What happens when you hand a year of market slide decks to an AI and ask it to analyze if we're in an AI bubble? Sonoma Wealth Marketing Director Dano Weir did exactly that, feeding every deck from our sister podcast On The Markets from this year to Claude and asking for the 10 slides that make the strongest case. Managing Principal Chris Sipes CFP® walks through each one to discover: • The only stretch in history when the market was more concentrated in its top 10 companies than it is today, and why it may look a lot like AI. • Why a growing slice of one tech giant's recent income didn't come from its core business at all. • The 2008-era market signal that has started to rise again for the biggest AI spenders. Whether you're feeling the FOMO or bracing for a pullback, this conversation looks at both sides of the AI story and what it could mean for a diversified portfolio. Full video available on our YouTube Channel: https://youtu.be/yZ2ydH5_PKk Book your Wealth Analysis right here: https://sonomawealthadvisors.com/book-your-wealth-analysis?utm_source=spreaker&utm_medium=podcast&utm_campaign=iam-2026-10-29 CHAPTERS 0:00 Cold Open: Nobody Held A Press Conference For AI 1:20 Welcome: Are We In An AI Bubble? 1:41 Why Bubbles Are Only Clear In Hindsight 3:58 Two Kinds Of Bubbles 5:23 Claude Picks 10 Slides From A Year Of On The Markets 6:55 The Shiller CAPE Ratio 7:52 Half The S&P 500 Above 10x Sales 9:56 Claude's Top Slide: Market Concentration Through History 12:44 Railroads Then, AI Now 13:39 The AI CapEx Build-Out 15:04 Data Centers And Your Electricity Bill 16:01 AI Demand vs. Consumer Demand 17:57 How Sonoma Wealth Uses AI 20:29 Google's Other Income And Circular Financing 24:26 Double Backflip Finance And 2008 25:12 From Cash Flow To Borrowing 26:39 The Hyperscaler Debt Surge 28:37 Credit Default Swaps Start To Climb 29:56 The Biggest Trading Losses Of All Time 32:44 Arguing The Other Side 33:26 What Investors Might Keep In Mind 35:45 Closing Thoughts 36:39 Credits & Outro References: https://ycharts.com/indicators/cyclically_adjusted_pe_ratio https://finance.yahoo.com/markets/stocks/articles/stock-market-metric-warns-history-072000689.html https://finance.yahoo.com/markets/stocks/articles/were-witnessing-stock-market-something-105601330.html https://www.investmentnews.com/equities/index-concentration/267368 https://thehill.com/policy/technology/6008962-hyperscalers-raising-ai-infrastructure-costs https://www.cnbc.com/2026/02/12/electricity-price-data-center-ai-inflation-goldman.html https://www.reuters.com/business/finance/global-markets-cds-explainer-2026-07-29/ https://www.reuters.com/business/media-telecom/global-markets-cds-ai-urgent-2026-10-15/