Seeking Alpha
12 Nov 2026, 22:05 UTC · 1h ago
The AI Bubble Burst Has Three Phases: We Are At Phase One
Impact · against what's priced in
The article provides a bearish thesis that mostly confirms the current market skepticism already baked into the valuations of NVDA, GOOG, and META. Because these stocks are already trading at the bottom of analyst ranges and assuming significant decelerations, the claim that we are in 'Phase One' of a bubble burst is largely priced in, though it reinforces the risk that the upside targets are unreachable.
- GOOG−0.10
Already priced in
- The price assumes
The market has fully absorbed the risk of surging capital expenditures and negative free cash flow
Viewing Alphabet as a hyperscaler in an AI bubble confirms the current market pricing, which already assumes negative free cash flow and a severe near-term cash drain.
What GOOG's price assumes · Sep 2
