Ray Dalio Says Stocks Are Approaching 1929 and Dot-Com Bubble Levels

Ray Dalio is warning that today’s stock market is moving dangerously close to the extremes seen before some of history’s biggest crashes.
The Bridgewater founder says his bubble indicators show U.S. markets approaching — though not yet reaching — the levels seen in 1929 and at the peak of the Dot-Com Bubble in 2000.
AI enthusiasm is a major part of the setup.
Dalio argues that transformative technologies often produce genuine economic breakthroughs and speculative bubbles at the same time, as investors begin confusing the potential of the technology with the value of the companies building it.
That does not mean the rally has to end immediately.
Dalio has repeatedly warned that bubbles can keep expanding long after valuations become extreme.
The real risk is what happens when leverage, tightening financial conditions or disappointment in future returns finally forces investors to convert paper wealth into cash.
AI may ultimately transform the economy.
The question is how much of that future has already been priced into stocks today.