Apollo’s chief economist warns the AI bubble is even worse than the 1999 dot-com bubble

• Torsten Sløk, chief economist at Apollo Global Management, warns AI stocks are even more over-valued than dot-com stocks were in 1999. In an research note, he illustrated how shares of Nvidia, Microsoft and eight other companies are creating an even bigger bubble than we saw during the dot-com era. And that could cause serious market damage if and when it pops.

While there’s plenty of skepticism about artificial intelligence, the chief economist at Apollo Global Management...