Renowned economist Dambisa Moyo recently shared a perspective that caught my attention. She argues the real threat lurking in the AI market surge isn't what we're seeing right now—it's what's coming next.

Think about it. Everyone's euphoric about artificial intelligence transforming industries, pumping valuations sky-high. But Moyo's warning suggests we're possibly staring at the calm before a storm. The frothy enthusiasm? That might just be Act One.

Her take raises questions worth pondering: Are we mispricing AI's actual near-term economic impact? Is capital flooding into speculative plays without solid fundamentals? When reality checks hit—regulation tightening, profit margins disappointing, infrastructure costs ballooning—that's when markets could face genuine turbulence.

This isn't doom-mongering. It's a veteran economist reminding us that hype cycles have patterns. The dot-com bubble taught us valuations eventually meet fundamentals. AI might revolutionize everything, sure. But timing matters. Sustainability matters. And right now, according to Moyo, we haven't seen the real test yet.

Anyone positioning in AI-linked assets—whether stocks, crypto projects building on AI infrastructure, or tokenized compute networks—might want to stress-test their thesis against scenarios where the music stops abruptly. Because if she's right, the danger isn't the rally itself. It's what happens when the rally ends and everyone realizes they're holding overpriced tickets to a show that hasn't delivered yet.