George Noble Labels AI Biggest Capital Misallocation

In a post on X, George Noble asserted that AI constitutes the biggest misallocation of capital in history. He characterized the AI mania as the dotcom and subprime episodes combined into one. Noble invited skeptics to demonstrate returns from AI and forecasted an epic bust. The investor, who managed the Fidelity Overseas Fund that was the top mutual fund in the USA and previously assisted Peter Lynch, also linked to his Substack newsletter in the same post.