Ray Dalio warns we're in the biggest investment bubble in US history, and its bursting could hit markets, jobs, and everyday people hard.

• Dalio says AI stocks show classic bubble signs — prices soaring on borrowed money while profits can't keep up, much like 1929 and the 2000 dot-com crash.
• Bubbles pop when money gets tight: rising interest rates, wealth taxes, or a shock like war forces investors to sell, prices crash, and the fall feeds on itself.
• He says cash is the worst long-term bet because inflation eats it, and urges spreading money across stocks, gold, bonds, housing, and a little Bitcoin.
• Gold is his favorite safe-haven — it can't be printed and isn't anyone's debt; he keeps only about 1% in Bitcoin, wary of government control and quantum computing.
• Beyond the bubble, he sees a once-in-80-years "big cycle" turning: too much debt, rich-poor gaps, political conflict, and a fading US against a rising China.

Outlook: Dalio thinks a market peak could come very soon, with a debt-driven reckoning ahead for the US and UK as global power shifts toward regional blocs.