Central banks are warning that the debt-fueled AI boom could pop like the dot-com bust, and ordinary savers would take the hit.

• Big institutions — the BIS, Bank of England, and IMF — are warning that trillions tied to AI hype could unwind and trigger a global crash.
• Nvidia's giant $500 billion funding push was backed largely by pension funds, which puts regular people's retirement money on the line.
• Past crashes wiped out about half the market's value twice since 2000, and this run-up is far bigger, so the potential fall is deeper.
• China has been buying gold for two years and Hong Kong and Shanghai set up a dollar-free gold trading network, a slow move away from the dollar.
• New stablecoin rules that pile up gold, dollars, and US Treasuries are seen as the first step toward government-run digital money and tighter control over accounts.

Outlook: The bet is that big money and the Fed sit in cash, let stocks, gold, and crypto fall, then scoop up assets cheap before any new money-printing is announced.