The Myth Of AI's Miracle: Albert Edwards Spots The Same Fatal Flaw That Sank Asia In 1997

Every bubble needs a miracle.

In the early 1990s it was the "East Asian Miracle", a story so universally accepted that the World Bank published a book with exactly that title. Thirty years later it is the AI "miracle", and with the S&P at a fresh record high this week, SocGen's resident contrarian Albert Edwards has decided to do what he does best: remind everyone how the last miracle ended.

A Chart As Dull As TFP