Ray Dalio — the founder of Bridgewater, whose Pure Alpha fund returned 9.4% in 2008 while the S&P 500 fell 37% — says the AI boom is now taking the same shape as the 1929 and 2000 bubbles. This is his mechanism, in his own words: why the wealth being created isn't money, why nobody actually paid the valuations, and what historically pricks a bubble like this one. He is not calling a date. He's describing a machine that has run twice before. For Advertisement Business and Concerns email: [email protected]