Internationalism No. 83, January 2026 Page 11 The artificial intelligence (AI) bubble is receiving a growing amount of attention. The Bank for International Settlements (BIS) , in its December quarterly magazine, offers both reassurance and caution. It appreciates the strong earnings of the sector, which, in reality, presented mixed results in the third quarter, with a few business groups advancing and others treading water, while one of the frontrunners, OpenAI, forecasts losses until 2030. It was Nvidia, with its strong profits, that revived the sector's euphoria. After three years of acceleration, which raised the weight of the Magnificent Seven from 20% to 35% on Wall Street, the BIS sees signs of a retrenchment due to wariness about stretched valuations and episodes of volatility . It considers the optimistic expectations to be well-founded and, in this respect, the AI trend – which the bank never refers to as a bubble – is d...