Back to today’s briefing

Story perspectives

U.S. Equity Market Bubble Warning: Tech Stocks at Risk

11/24/2025

50 6 Full Breakdown

Summary

Story summary

Albert Edwards, a strategist at Société Générale, warns the U.S. equity market is a bubble driven by tech and AI stocks.
He argues the conditions differ from past cycles and could trigger a deeper economic downturn.
Edwards cites high leverage and recent bankruptcies in private equity, plus inflation and a disconnect between asset prices and the economy, likening the situation to the late 1990s NASDAQ bubble.

1 of 1

Story summary

Albert Edwards, a strategist at Société Générale, warns the U.S. equity market is a bubble driven by tech and AI stocks.
He argues the conditions differ from past cycles and could trigger a deeper economic downturn.
Edwards cites high leverage and recent bankruptcies in private equity, plus inflation and a disconnect between asset prices and the economy, likening the situation to the late 1990s NASDAQ bubble.