The 'Everything Bubble', AI and the Land Cycle!

(Plus Exclusive Interview with financial analyst Vern Gowdie)

If we really are in an “everything bubble”, AI is at the centre of it.

Nvidia briefly hit a valuation of around US$5 trillion in November 2025 and on its own made up roughly 8 per cent of the entire S&P 500.

Central banks and regulators are now openly warning that valuations across the big US tech names look “stretched”, driven by FOMO and extremely optimistic assumptions about how fast AI can possibly roll out.

You have high-profile bears like Michael Burry buying puts over what he calls an AI-driven bubble in chip and software stocks.

It’s certainly not a fringe view to expect a sharp correction in AI equities – and it will undoubtedly be realised at the end of this land cycle.

When it comes to the land cycle – as long as tax policies gift the major bulk of economic rent (from physical or digital real estate) to the landowners, we must have a land cycle – and it remains that the timing of the land cycle, is the most reliable indicator we have for the major recessionary downturns.

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