After starting a new job at a big AI firm last year, an acquaintance was invited to several Slack channels, par for the course in the corporate world. But among updates on lunch offers and company news, she noticed another channel, one for newly minted young millionaires. Most of the conversations are about buying a home, taxes or investing, but in others, newly wealthy 27-year-olds wonder what kind of sports cars they should buy. If that’s not the opening scene of a documentary about a bubble, I don’t know what is.

AI megadeals, like Monday’s announcement of a multibillion-dollar partnership between OpenAI and AMD, further prove what Yale law school professor Natasha Sarin observed in The New York Times: There are currently two economies — AI and everything else. AMD shares surged 30% as word spread of the deal, which followed Nvidia and Intel’s recent

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