Is AI mania going to mean history repeating itself? - Richard Murphy

21st August 2025

This video asks a simple question. Is the AI-fuelled stock-market mania echoing the dot.com crash?

I compare FTSE 100 and S&P 500 crashes, highlight that the S&P is now trading at price-to-book levels above 2000, and show how mega-cap tech stocks now represent nearly a third of the index.

Recovery after 2000 took years, cushioned by government intervention—especially in the UK. But will that happen again, or will neoliberal ideology prevail, letting zombie firms and market excess implode?

If we care about economic justice, public accountability and avoiding speculative disaster, this is urgent. A crisis could be coming.

Check out Richard Murphy's blog at https://www.taxresearch.org.uk/Blog/