Zhang Jun from China Galaxy Securities: The AI bubble does indeed exist, but the overall risk is relatively controllable at present.

[Zhang Jun, Chief Economist of China Galaxy Securities: The AI bubble does exist, but the overall risk is relatively controllable at present] Recently, investor concerns about the AI bubble have continued to rise. In this regard, at the China Galaxy Securities 2026 Annual Investment Strategy Report held on November 26, Zhang Jun, Chief Economist and President of the Research Institute of China Galaxy Securities, stated that the AI bubble does indeed exist, but whether it will evolve into a crisis is still too early to tell. Zhang mentioned that the IMF has compared the current situation with the internet bubble, and from indicators such as price-to-earnings ratio and investment enthusiasm, the overall situation remains relatively controllable. The Fed's interest rate hikes were a significant reason for bursting the internet bubble, but currently, we are in a period of interest rate cuts by the Fed and globally, and the policy risk is controllable. However, at the same time, he emphasized that the resilience of the global economy is far lower than it was back then, so the comparability of the indicators still holds uncertainty. (Securities Times)