Recently, at the 2025 China Consumer Intelligence Chain Innovation Summit, Shao Yu, Chief Economist at the School of Management’s Science and Technology Innovation Center, Fudan University, delivered a thought-provoking speech. He positioned artificial intelligence (AI) as a dominant force in today’s global asset landscape. According to Shao, the three most enduring asset bubbles in recent history—real estate, U.S. equities, and Japanese government bonds—have now given way to a new trio: gold, U.S. high-tech stocks, and digital currencies.

Shao argued that the skyrocketing valuations of AI-driven tech firms represent the largest bubble humanity has ever witnessed. However, he stressed that the term “bubble” should not be seen as inherently negative. Instead, he explained, it signals the direction in which capital and resources are flowing. In Shao’s view, the current tech bubble is not only normal but actually desirable. To illustrate his point, he referenced industry leaders NVIDIA and Microsoft, noting that their rapid growth in recent years bore similarities to a “high-stakes game played by the biggest companies.”