Wall Street's Biggest Bubble (No, Not AI) Appears Ready to Burst

Earlier this month, Wall Street's bull market celebrated its fourth anniversary. The artificial intelligence (AI) infrastructure build-out has been instrumental in lifting the Dow Jones Industrial Average (DJINDICES:^DJI), S&P 500 (SNPINDEX:^GSPC), and Nasdaq Composite (NASDAQINDEX:^IXIC) to several record highs in 2026. From a historical standpoint, game-changing technological innovations, while moneymakers over the long term, don't have the best track record early on. Every major tech innovation since (and including) the advent of the internet in the mid-1990s has navigated an eventual bubble-bursting event. However, a potential AI bubble may not be Wall Street's biggest worry. There's another far bigger bubble that appears ready to burst, and it foreshadows significant downside for stocks if it happens.

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