The money keeps coming. Global spending on artificial intelligence is projected to hit $375 billion this year. In 2026, the figure is supposed to approach half a trillion dollars.

The sums invested already are so staggering that the United States is beginning to look like an “Nvidia-state,” where the tech boom is fueling a great majority of economic growth. But lately, tech watchers have started to ask the obvious question: Is this boom in fact a bubble?

We talk to the Atlantic staff writer Charlie Warzel about what might happen—to companies, to the economy, to ordinary Americans—if one day that bubble were to burst.

Charlie covers tech and all the strange, unmooring things it does to culture. And he has a new Atlantic video podcast called Galaxy Brain launching this week.

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