There are little 'bubbles' everywhere — but they haven't broken the stock market

Core Insights - The current market is characterized by "micro-manias" across various sectors, including AI, crypto, gold, and more, without disrupting the overall market rally [1][2] - Ed Yardeni describes the situation as a "bubble in fears of bubbles," indicating that while there are many speculative assets, the broader market remains stable [2][4] - The market is experiencing fragmented exuberance, with multiple smaller frenzies rather than a single overarching boom [3] Market Conditions - Stocks are at record highs, and US real GDP has also reached a record high, with no official recession in the last 16 years, except for a brief lockdown in early 2020 [5] - The AI sector is under scrutiny, with Goldman Sachs questioning whether it has entered bubble territory, noting a "circular" investment pattern among Big Tech companies [6] Comparisons to Historical Trends - The narrative of an "everything bubble" gained traction during the pandemic stimulus period, similar to past speculative bursts, but did not lead to a financial crisis [4] - Current leading tech companies, such as Nvidia, Microsoft, Meta, Alphabet, and Amazon, are generating significant cash flow and returning capital to shareholders, trading below the extremes seen during the dot-com bubble [7]