Meb 654 Dirk

Citi's Willer says markets are in an AI bubble since mid-2025 but argues investors should keep buying until liquidity withdrawal signals the peak.

• Bubble definition: Citi's Dirk Willer defines a bubble quantitatively as a price move over two standard deviations above long-term real trend, dating current AI bubble to mid-2025.
• Strategy, not bearishness: Willer says "you tell them it's a bubble, but you buy it" since bubbles typically only end via liquidity withdrawal (last Fed hike), not the first hike.

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