Ray Dalio: Every tech boom breeds a bubble — the danger is confusing the miracle with the price

RayDalio · x · 2026-09-10

Bridgewater founder Ray Dalio argues that nearly every technology boom — railroads, the Industrial Revolution, the late 1920s wave of electricity, phones, radio and cars — creates a bubble followed by a bust. The key danger, he says, is failing to distinguish a genuinely transformative technology from its overpriced, debt-fueled stocks. For the AI era he poses three questions: who does the technology actually benefit, does it pay, and are we paying too much for the miracle? Made in conversation with MasterClass CEO David Rogier.

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