CEA Anantha Nageswaran says AI stock valuations definitely in a bubble

India's Chief Economic Advisor Anantha Nageswaran stated that AI-related stock valuations are 'definitely a bubble,' cautioning that productivity and employment disruption expectations are exaggerated. His remarks echo Jefferies strategist Christopher Wood's warning of significantly increased correction risk in the AI trade due to crowded positioning in semiconductor and AI infrastructure names. Both stop short of calling an end to the AI rally, but signal growing unease about valuations detached from near-term fundamentals, amplified by mega IPOs like SpaceX absorbing liquidity.