Michael Novogratz calls AI the biggest bubble of our lifetime, says buy anyway

Michael Novogratz thinks artificial intelligence is the biggest bubble of our lifetime. He also thinks you should own it. The Galaxy Digital CEO made both points at the Greenwich Economic Forum on October 6, 2026. Most people who spot a bubble head for the exits. Novogratz is holding the door open and waving people inside. A bubble, but not a popping one Novogratz described AI as the largest speculative boom he has seen in his lifetime. He then told investors to invest in AI stocks aggressively. That pairing is the core of his argument. His reasoning was not that bubbles are harmless. It was about timing. In his view, the conditions that typically precede a bubble bursting are not yet present. “Biggest bubble of our lifetime.” The S&P 500 hit a record high on October 6, 2026, with AI-linked stocks doing much of the lifting. Nvidia led that charge. The chipmaker’s market capitalization approached $6 trillion that day. The valuation case The most interesting part of Novogratz’s pitch was about price, not hype. He pointed out that AI stocks look attractive on a price-to-earnings basis. He acknowledged pressure from interest rates, which tend to weigh on growth stocks by making fut...