a timely warning rooted in historical context, drawing parallels with past technology bubbles like Britain’s Railway Mania and the 1990s telecom surge. While the transformative potential of AI is undeniable, Krugman cautions that such enthusiasm often leads to overinvestment and eventual disillusionment when the financial returns fail to meet expectations. The “winner-takes-all” nature of these bubbles further exacerbates the risks, with a few companies reaping most of the rewards while others collapse. As AI continues to drive economic growth, Krugman raises important questions about the sustainability of this boom and the potential fallout if the bubble bursts.