A global macro investor who called the 2008 crash warns that AI is showing classic bubble signs, and a burst would drag down the wider economy.

• AI stocks are flashing the same warning signs seen before past bubbles, and a pop would mean big losses for everyone.
• The danger is bigger than just tech, because it lands at the same time as other cracks in the system.
• China now trades more with most countries than the US does, a sign the old world order is shifting.
• Wide gaps between rich and poor, plus governments that are broke, mean a downturn could turn people against each other.

Outlook: If the AI bubble pops while these other pressures build, expect a painful economic and social hit, not a quick dip.