New Delhi, Dec. 3 -- The question I am asked most often these days is whether there is an artificial intelligence (AI) bubble forming in global markets. Rather than offering my opinion, let me tell you some facts.

Yes, I do have concerns. Especially if one looks at the US market. Its move has been very narrow. It has basically been a tech move, and even within that, just a handful of companies have been powering the whole rally.

Even globally, the whole equity market move has had a contribution of 70% from technology stocks. Among Nasdaq shares, the biggest returns have come from companies with either no revenues or no profits. And there is this mindset around new technologies, an almost irresistible urge to 'go chase the next new thing...