In his latest memo, Howard Marks addresses the much-asked question, “Is there a bubble in AI?” He identifies the uncertainty associated with AI investments and the conspicuous parallels to previous bubbles, while also acknowledging why those comparisons could be inappropriate. Given AI’s vast potential but numerous unknowns, no one can say for certain whether investors’ current enthusiasm is merited or irrational. Thus, Howard emphasizes the importance of prudence and selectivity in navigating this transformative yet unpredictable technological revolution.