This Boom Looks a Lot Like the Housing Bubble

Ms. Harris was an economic official in the Biden White House.

Artificial intelligence is fast becoming the largest investment in U.S. history. As the money pours in, the companies involved are resurrecting bad old habits eerily reminiscent of the shenanigans deployed in the run-up to the financial crisis.

There are already signs that much of this investment may go bad. If it does, the consequences could rival what happened in 2008.

We know far too little about the financial plumbing propping up this surge. What little we do know looks remarkably like the tactics once employed by Wall Street firms like Lehman Brothers, the storied 158-year-old bank that collapsed in 2008, setting off a........

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