chatter about one The AI bubble has been everywhere recently, and top tech companies like Google, Meta, and Microsoft have doubled their AI investments for 2026. But how have analysts in the past accurately identified forming technical bubbles? Hosts Michael Calore and Lauren Goode sit down with WIRED contributor and newsletter writer Brian Merchant blood in the machine, To break down the four criteria that some researchers have used in the past to understand and prepare for worst-case scenarios.
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You can follow Michael Calor on Bluesky at @snackfight and Lauren Goode on Bluesky at @laurengoode. Write to us at uncannyvalley@wired.com.
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Note: This is an automated transcript, which may contain errors.
Michael Calore: Hey Lauren, how are you?
Lauren Good: I’m fine, Mike. It’s earnings season, so many of us here at WIRED’s Business Desk have been paying attention to tech companies’ earnings reports and their earnings calls. And I think that basically means it’s CapEx season.
Michael Calore: CapEx?
Lauren Good: capital expenditures.
Michael Calore: You call capex?
Lauren Good: Yes. Now that I’m a business desk reporter, I say CapEx.
Michael Calore: You are one of them.
Lauren Good: I throw it at parties. No, I really don’t. But we’re seeing a trend of how tech companies are sleeping on piles of money, but they’re not just sleeping on it. They are sharing big plans to spend on this and especially on AI infrastructure.
Michael Calore: Correct. data centers.
Lauren Good: Yes, more data centers, not just data centers. But yes, that’s a big part of it.