Zhang Jun of China Galaxy Securities: The AI bubble does exist, but the overall risk is relatively manageable at present

Recently, investors' concerns about the AI bubble have continued to rise. In this regard, at the China Galaxy Securities 2026 annual investment strategy report held on November 26, Zhang Jun, chief economist and research director of China Galaxy Securities, said that the AI bubble does exist, but it is too early to see whether it will turn into a crisis. Zhang Jun mentioned that the IMF has compared the current with the Internet bubble, and from the price-to-earnings ratio and investment heat, the overall situation is still relatively controllable. The Federal Reserve's interest rate hike is an important reason for pricking the Internet bubble, but the current is the Federal Reserve and the global interest rate cut cycle, and the policy risk is manageable. However, at the same time, he stressed that the current resilience of the global economy is much lower than that of that year, so there is still uncertainty about the comparability of indicators. (Securities Times)