Michael Novogratz, CEO of Galaxy Digital, stated at the Greenwich Economic Forum on October 6, 2026, that artificial intelligence represents the largest speculative bubble of his lifetime. Despite this assessment, he advised investors to increase their exposure to AI stocks aggressively.
Novogratz argues that the market conditions typically signaling a bubble burst are not currently present. He noted that AI-related stocks, led by Nvidia, were primary drivers behind the S&P 500 reaching a record high on the same day as his remarks.
Nvidia's market capitalization approached $6 trillion on October 6, 2026. Novogratz suggested that AI stocks remain attractive based on price-to-earnings ratios, despite potential pressure from interest rates on growth stocks.
Galaxy Digital is actively shifting its business focus toward AI data-center infrastructure. The company is currently converting former Bitcoin-mining facilities located in Texas to support AI workloads, aligning its operations with growing demand in the sector.
