Bulls and doomers are both right, says Ray Dalio—AI will be ‘miraculous’ for productivity but fuel a ‘devastating’ bubble and wealth inequality

Ray Dalio argues that AI optimists and pessimists are both correct: the technology will dramatically boost productivity but also create a massive stock market bubble and worsen wealth inequality. He draws parallels to the dotcom bubble, noting that while transformative technologies eventually deliver value, the investment cycles that precede them often cause significant disruption for most people.