Ukraine’s central bank says AI stock boom won’t trigger 2008-style crash

Nikolaychuk’s comments matter because they frame the AI boom as a manageable financial risk rather than a systemic one. If central bankers and regulators broadly agree that even a sharp AI correction would look like 2000, not 2008, they are less likely to lean hard against capital flowing into frontier compute, chips and models. That, in turn, makes it easier for hyperscalers and AI startups to keep raising money at aggressive valuations and to sustain multi‑year capex plans without triggering macroprudential crackdowns.

However, the comparison to the dot‑com era also carries a quieter warning: many firms and investors will almost certainly misallocate capital chasing AI narratives, and some will be wiped out when expectations reset. For the AGI race, that suggests a noisy decade in which the underlying capability frontier keeps advancing, even as waves of exuberance and disappointment wash over public markets. The labs that can convert capex into durable moats—data, talent, integrated products—will be best positioned to ride out whatever bubble dynamics unfold.