The lessons from the "AI frenzy": The rise and fall fate of the "capital expenditure bull market"

Deutsche Bank pointed out that historically, booms driven by large-scale capital expenditures are often accompanied by busts, such as the canal frenzy of the 18th century and the railway investments of the 19th century. Although technological revolutions in sectors like aviation and telecommunications have changed the world, the long-term returns of stocks in these industries have underperformed the broader market, with investors failing to achieve returns commensurate with technological changes. This warns that the current massive investments in AI may benefit consumers more than producers