AI Stocks: Bubble Deflates, Investors Return to Classics

It seemed like this frantic race for AI company stocks would never stop. For months, the market went wild for anything that smelled of artificial intelligence. Now, however, the excitement is fading a bit, and some people are already checking their watches, ready to leave the party.

According to Bloomberg's Markets Pulse survey, published in July 2026, confidence in the sustainability of the AI boom is declining. Many investors are questioning whether the current valuations of AI companies are truly justified by real profits. In short, the usual doubt: is it real innovation or just a lot of smoke and mirrors?

When the magic fades, people look for certainties. And certainties are often found in slightly boring companies, those that have been doing concrete things for decades. We're talking about so-called 'old-economy stocks,' meaning traditional companies, perhaps manufacturing or established services. The ones that don't make you dream, but let you sleep soundly.

This shift is evident from Bloomberg's Markets Pulse survey data from July 2026, which shows growing interest in established companies. Investors, tired of volatility and unfulfilled promises, prefer the stability of a regular dividend or slow but steady growth. Who would have thought a bolt company could be sexier than an algorithm one?

It's not that AI isn't important, by all means. The problem is that building and managing artificial intelligence systems costs an arm and a leg. And converting all this technology into tangible gains for shareholders is another story. Many companies are trying, but the road is long and full of potholes.

Many AI startups' difficulty in turning innovation into concrete profits has fueled investor caution since 2025. This is why many prefer to bet on horses that have already proven they can gallop and, more importantly, collect earnings. Perhaps not all that glitters in the world of artificial intelligence is gold, or at least, not for all portfolios.