Bloomberg Surveillance · Tuesday, September 15, 2026
George Noble, Managing Partner at Noble Capital Advisors, expressed strong skepticism about the current investment frenzy surrounding Artificial Intelligence. He argued that the massive capital expenditure on AI, coupled with rapid commoditization and potential for lower costs from competitors, could lead to a significant misallocation of capital, potentially exceeding the dot-com bubble's impact.
“As we said last time, I think this is going to be the biggest misallocation of capital in history.”
“And when people say, is it worse than. com, not as bad as. com, history rhymes, it doesn't repeat.”
“It's kind of like if you took. com and merged it with the great financial crisis, i.e. all the Ponzi finance schemes of housing, it's kind of what you got.”