The IMF compares the dot-com bubble of the '90s with the current AI boom, highlighting the risks of correction and the limited impact on financial stability.

In an interview with Reuters, Gourinchas, an IMF official, highlighted the similarities between the speculation bubble of the 1990s related to the internet and the current boom in artificial intelligence (AI). Both periods led to record stock market capitalizations and capital gains, fueling consumption and inflationary pressures. Although technological promises may not meet short-term expectations, tech companies are massively investing in AI infrastructure without relying on debt, which limits the impact of corrections on the financial system.

Gourinchas mentioned that while investments in AI are significant, they only represent 0.4% of the US GDP, compared to 1.2% during the dot-com era. The impact on financial stability could be limited, but a correction in the AI sector could affect confidence and risk tolerance, prompting a reevaluation of assets. However, there are no significant direct links to debt, suggesting a relative stability in the financial system.