David Rosenberg said that the US stock market is becoming more and more like a bubble, and valuations, leverage, and investor positions are at extreme levels not seen before in its 40 years in business. Rosenberg is the founder of Toronto-based Rosenberg Research & Associates. He believes that the extent to which the current bull market depends on the progress of artificial intelligence is far higher than the degree of dependence of the stock market on the technology industry on the eve of the formation of the Internet bubble. He said that he has been buying US Treasury bonds and foreign stocks in his portfolio, and that the US is a “center of technological prosperity” for which investors are paying too much. “I've been in the business for 40 years, and I can't remember when I saw so many divisions, extremes, and imbalances like today, not only in the market, but also in the economy,” he said at the Grant's Annual Fall Conference in New York. “If you don't want me to call it a bubble, I wouldn't call it that. But what I'm seeing now is something I've never seen before.”

David Rosenberg said that the US stock market is becoming more and more like a bubble, and valuations, leverage, and investor positions are at extreme levels not seen before in its 40 years in business. Rosenberg is the founder of Toronto-based Rosenberg Research & Associates. He believes that the extent to which the current bull market depends on the progress of artificial intelligence is far higher than the degree of dependence of the stock market on the technology industry on the eve of the formation of the Internet bubble. He said that he has been buying US Treasury bonds and foreign stocks in his portfolio, and that the US is a “center of technological prosperity” for which investors are paying too much. “I've been in the business for 40 years, and I can't remember when I saw so many divisions, extremes, and imbalances like today, not only in the market, but also in the economic sector,” he said at the Grant's Annual Fall Conference in New York. “If you don't want me to call it a bubble, I wouldn't call it that. But what I'm seeing now is something I've never seen before.”