Navigated Menu Back Financial Times Financial Times Europe 3 Jan 2026 Buttons.Search Options How the bubble bursts Inspirational narratives, rising leverage, an influx of inexperienced investors . . . no, writes John Plender, it is not different this time. But AI-fuelled market euphoria may have some way still to go in 2026 John Plender is an FT columnist Settings Print Share Listen Be warned. We are reliving the Roaring Twenties. Not quite a new Jazz Age — jazz is a bit tired these days. But artificial intelligence euphoria is rampant, crypto lunacy is rife, credit is bubbling in private markets and the US is once again at the heart of a global fiscal and financial maelstrom. Close to a hundred years on, we have to ask: does another 1929 crash loom? Illustration by Ben Jones Below: Elon Musk and Nvidia’s Jensen Huang with US President Donald Trump and Crown Prince Mohammed bin Salman at the Saudi Investment Forum in Washington on November 19 A...