The article discusses potential warning signs of a stock market bubble, drawing insights from the performance of AI stocks, earnings reports, and profit projections. It highlights the surge in AI-related stocks, with the AI-focused ETF tripling in value since the start of 2023. However, concerns arise as many AI companies lack substantial revenue or profits, raising questions about their valuations. The article also examines the disconnect between stock prices and earnings, with the S&P 500’s price-to-earnings ratio reaching levels not seen since the dot-com bubble. Additionally, it cites profit forecasts from major banks, which predict a decline in S&P 500 earnings for 2023 and 2024, potentially signaling an economic slowdown. The article cautions investors to be vigilant for signs of irrational exuberance and to consider the underlying fundamentals when evaluating investments.