Zhang Jun from China Galaxy Securities: The AI bubble does exist, but the overall risk is relatively controllable at present

Jinse Finance reported that recently, investors' concerns about an AI bubble have been rising. In response, at the 2026 Annual Investment Strategy Report Conference of China Galaxy Securities held on November 26, Zhang Jun, Chief Economist and President of the Research Institute at China Galaxy Securities, stated that while an AI bubble does exist, it is still too early to say whether it will develop into a crisis. Zhang Jun mentioned that the IMF has compared the current situation to the internet bubble. Judging from indicators such as price-earnings ratios and investment enthusiasm, the overall situation remains relatively controllable. The Federal Reserve's interest rate hikes were a key factor in bursting the internet bubble, but currently, both the Federal Reserve and the world are in an interest rate cut cycle, so policy risks are manageable. However, he also emphasized that the resilience of the global economy is much lower than it was back then, so there is still uncertainty regarding the comparability of these indicators. (Securities Times)