The article discusses the potential for a stock market bubble fueled by the hype around artificial intelligence (AI) and the Federal Reserve’s liquidity measures. According to Societe Generale’s strategists, the combination of AI euphoria and the Fed’s quantitative tightening (QT) could lead to a recession in 2024. They argue that the current market exuberance around AI is reminiscent of the dot-com bubble, and the Fed’s efforts to drain liquidity from the financial system could exacerbate the situation. The strategists warn that the market may be underestimating the risk of a hard landing, with a potential 20% correction in the S&P 500 index. They recommend investors adopt a defensive stance and consider hedging strategies to protect against potential market turbulence.