'Black Swan' author warns investors to brace for bankruptcies

Group 1 - The AI-driven market rally is entering a fragile phase, potentially leading to increased volatility and bankruptcies in the tech sector [1][2] - Markets are underpricing structural risks while overestimating the durability of current AI leaders, with historical evidence suggesting early pioneers may be displaced [2] - The AI market is currently dominated by a few key players, including Nvidia, Advanced Micro Devices, and Intel [2] Group 2 - The S&P 500 has recently declined due to tariff uncertainties and growing concerns about AI, with a narrow group of AI stocks driving the equity rally [3] - Competing pressures are emerging, as AI tools disrupt subscription-based software models and tech giants incur heavy debt to fund AI infrastructure [3] - Taleb warns that tail-risk across sectors is structurally underpriced, indicating a potential for large drawdowns rather than small corrections [5]