Bloomberg Surveillance · Friday, July 10, 2026
George Noble, an analyst at Noble Capital Advisors, expresses significant concern over the current AI boom, likening it to historical speculative bubbles. He argues that the scale of investment in AI is unprecedented, potentially far exceeding the dot-com bubble, and questions the return on investment, stating "show me the money. Where's the ROI?"
“I'm not bearish on AI per se. I'm sure we're all going to use it. Many of us are using it already. The question is what's the ROI on the AI?”
“It starts out the way these bubbles all start. There's a kernel of truth that captures the imagination of the individual, whether it's a Southsea bubble, or it's Dutch tulip bulbs, or it's dot com, which I've lived through. Ye, And it starts out it's a good idea. But what happens is the price changes immeasurably.”
“I think that's kind of where we are with with AYI. I mean, I'm happy to change my mind, but show me the money. Where's the ROI? And I don't see it, and I don't see it coming either.”