It is not only a Bubble, it is worse than a Bubble, it is a speculative Frenzy. The S&P 500 is now trading at 3.3x sales, its highest valuation in history. If you think $NVDA $AVGO are different… Go ask $CSCO and $NOK what happened after the Dotcom bubble popped.
It’s their fastest-growing, most concentrated segment. If one pulls back, everything suffers, including margins, hiring, and priorities. What happens when one or both of these customers stop buying due to e.g.recession fears. The stock is 5 – 10% of major indices.https://t.co/rrXevbQqYm — Marko Kolanovic (@markoinny) September 15, 2025 It is not only a Bubble, it …