# Mike Novogratz says AI is biggest bubble but urges investors to keep buying

Digest AI · Business & Funding · published 2026-10-18T18:14:00Z

Canonical: https://digestai.news/story/mike-novogratz-says-ai-is-biggest-bubble-but-urges-investors-to-keep-b

## Summary

Mike Novogratz, founder and CEO of Galaxy Digital, told a panel at the Greenwich Economic Forum that artificial intelligence is “the biggest bubble of our lifetime.” Despite the warning, he advised investors to continue buying AI‑related stocks, arguing that the rally is not yet spectacularly over.

Novogratz pointed to NVIDIA’s market value now around $5.21 trillion, its fiscal Q2 revenue of $96.22 billion—a 105.8% year‑over‑year increase—and a trailing earnings multiple of about 43×, which he says still looks cheap compared with Microsoft’s 29× multiple. He also highlighted macro signals he watches, such as stocks and the dollar falling together, spiking bond yields and foreign Treasury selling, as early signs a bubble could end.

The commentary came as the S&P 500 and Nasdaq slipped after a CPI report showed inflation at 3.7% YoY, and FedWatch odds of a 25‑basis‑point rate hike rose to 41.5%. Novogratz’s perspective adds a bullish voice to the debate over AI’s valuation trajectory.

## Key points

- Mike Novogratz, Galaxy Digital CEO, called AI “the biggest bubble of our lifetime” but advised investors to keep buying AI stocks.
- He noted NVIDIA’s market value near $5.21 trillion, Q2 revenue $96.22 B (+105.8% YoY), and a 43× earnings multiple, saying the stock still looks cheap.
- He warned to watch stocks and the dollar falling together, spiking bond yields and foreign Treasury selling as early signals of a bubble end.

## Why it matters

Novogratz’s view highlights that despite concerns of an AI bubble, major investors still see valuation opportunities, influencing market sentiment and capital allocation toward AI‑related stocks.

## Sources

1. [Billionaire CEO: AI Is “The Biggest Bubble Of Our Lifetime,” But Investors Should Keep Buying During The Melt-Up](https://247wallst.com/investing/2026/10/19/billionaire-ceo-ai-is-the-biggest-bubble-of-our-lifetime-but-investors-should-keep-buying-during-the-melt-up) (247wallst.com, 2026-10-18)

## Cite

Digest AI, "Mike Novogratz says AI is biggest bubble but urges investors to keep buying", 18 October 2026, https://digestai.news/story/mike-novogratz-says-ai-is-biggest-bubble-but-urges-investors-to-keep-b

---

Written by Digest AI's editorial model from the linked sources; the sources are the record. Headlines, digests and key points are written by Digest AI and may be quoted with a link to the story page. Linked articles belong to their publishers. Terms: https://digestai.news/terms#reuse
JSON: https://digestai.news/story/mike-novogratz-says-ai-is-biggest-bubble-but-urges-investors-to-keep-b.json