Investor poll finds Wall Street's worries over a tech bubble have yet to reach extreme levels

By Barbara Kollmeyer

Investors are not as worried about a tech bubble as one would think, says Deutsche Bank.

Investors seem increasingly worried about a U.S. tech bubble, but in reality, their concerns are far less than a few years ago.

"Bubble risk perception remains high in U.S. tech, but has not increased that much in 2025 and is still below that seen in 2021," said a team of Deutsche Bank strategists led by Jim Reid, who shared the results of a third-quarter survey on Monday.

"Back then, the main value argument was zero rates. Now, at least the AI story provides some hope it's not a bubble," even though U.S. credit spreads are at 27-year lows, they added. Low credit spreads indicate investors aren't worried about corporate defaults or debt repayments.

Here's the chart from Deutsche Bank:

They include the "Magnificent Seven" stocks in the bubble question, though those weren't part of the tech grouping back in 2021. Bubble risk fears seem to run slightly higher for the group itself.

Bubble worries surrounding how much tech companies are spending on AI seem to be increasing as of late, particularly in light of recent deals such as a high-profile tentative pact between OpenAI and Nvidia (NVDA).

Read: The AI hype is starting to fade on Wall Street. Here's what investors need to know.

One asset with bubble worries slightly higher than U.S. tech equities is bitcoin, which has been struggling to recapture its all-time high above $124,000 reached in mid August.

On another AI-related question, the strategists found that versus a year ago, of the investors they surveyed, only 18% have not used the technology for work, as opposed to 48% a year ago:

Need to Know: A fearless stock market is facing two rising risks, says Wedbush

-Barbara Kollmeyer

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09-29-25 0747ET