Commentators warn AI capex boom may be inflating a Wall Street bubble

Taken together, these commentaries show how the AI investment story is being reframed from ‘unstoppable tech wave’ to ‘potentially fragile macro trade’. La Notizia skewers Europe’s industrial strategy: €20 billion earmarked for AI ‘gigafactories’ that don’t yet exist versus hundreds of billions in annual AI capex by US hyperscalers, with Mistral’s CEO warning that regulation without compute supremacy won’t close the gap. ([lanotiziagiornale.it](https://www.lanotiziagiornale.it/intelligenza-artificiale-leuropa-spende-20-miliardi-per-lai-e-non-costruisce-niente-la-sproporzione-con-gli-investimenti-delle-bight-tech-usa-parla-da-sola/)) Algomhor and Delfino.cr echo the concern from market angles, noting that a narrow group of stocks now drives both Wall Street indices and international portfolios, leaving local investors heavily exposed to any AI‑driven correction. ([algomhor.com](https://www.algomhor.com/406695))

For the race to AGI, this tension cuts both ways. Sustained capex at current levels is what makes frontier‑scale training runs and new agentic infrastructure possible. If investors grow skeptical about near‑term AI profits, those budgets could tighten, slowing the pace of scaling. Conversely, if policymakers in Europe and elsewhere see the gap as a strategic liability, they may double down on public or mixed‑model investments in compute, data centers and indigenous labs. The outcome will shape whether AGI is effectively a US‑anchored capability or a more multipolar one.