Dhaval Joshi warns AI is not one bubble but a rolling sequence of them

Dhaval Joshi, the former Chief Strategist for the Counterpoint strategy at BCA Research, posted on LinkedIn on August 3 that AI is not a single bubble waiting to pop. Instead, he described it as “a rolling SEQUENCE OF BUBBLES,” where capital fleeing one deflating sector simply inflates the next one in line. The rolling bubble thesis Joshi’s framing is deceptively simple. Rather than asking whether AI is a bubble, he argues the better question is: which AI bubble is popping today? When one AI-adjacent sector, say certain software names, starts to deflate, the money doesn’t vanish into thin air. It migrates into the next promising corner of the ecosystem, whether that’s semiconductors, silver, or another beneficiary of the buildout. The result is that no single collapse is catastrophic enough to trigger a broad market selloff, because the air is always finding a new balloon. A track record of skepticism Back in July 2023, Joshi cautioned that AI hype would not automatically translate into massive profits for the leading tech companies, drawing explicit parallels to the 1990s technology bubble. Joshi served as Chief Strategist at BCA Research from April 2021 through July 2026, during ...