Howard Marks is not convinced the AI boom is a bubble

The Oaktree co-chairman sees real exuberance in AI markets but stops short of calling it a classic mania Plenty of professional investors are warning that AI trading has inflated a stock market bubble. Howard Marks, co-founder and co-chairman of Oaktree Capital Management, is not ready to join that chorus, according to Bloomberg. His answer is more nuanced than a simple yes or no. Marks sees high valuations, speculative funding and heavy debt in the AI trade. He just doesn’t think those ingredients have produced the full recipe for a classic bubble yet. Marks laid out his initial view in a CNBC interview on October 13, 2025. He said AI valuations were high, but not yet a sign of the psychological mania that defines true bubbles.

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