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And it may of course be the case that AI has been overestimated. That we shouldn’t believe the hype. But what happens then? Does the bubble burst? As Gita Gopinath pointed out after leaving the IMF, a dotcom-sized adjustment to US equity markets would today inflict losses of $20tn on US investors and $15tn on the rest of the world. That is 70 per cent of US GDP and 20 per cent of the rest of the world’s. More than enough to spark a severe recession.