The narrative around AI taking all the jobs, causing layoffs, etc. is certainly about power. The stock prices are about sentiment. When that sentiment evaporates because AI cannot in fact replace the workforce, the stock prices will fall, maybe precipitously. Ironically, if AI fulfills its promise, I suspect the same will happen due to a lack of confidence in the consumer economy from mass unemployment.

This bubble will pop either way, but it could continue like this for years.