Signs are emerging that the market boom surrounding artificial intelligence (AI) might be taking on the characteristics of a bubble.

This warning comes from Wall Street veteran investorEd Yardeni, President ofYardeni Research, Inc., in a note to clients on July 4.

"While we love the productivity-enhancing possibilities that AI offers, the AI phenomenon has many of the hallmarks of an inflating bubble," Yardeni cautioned.

He noted that there are "big bucks chasing the AI dream," with substantial funds directed toward companies leveraging AI technology.

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