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How the latest S&P 500 surge is like the setup to the Black Monday stock crash
Key takeaways
- Taxi drivers are not talking to me about AI server orders or GPUs yet.
- “People are buckling in,” he added. “They are spending real dollars, unlike the dot-com period.
- Deutsche Bank strategist Jim Reid published the chart below, which I posted on my X account.
How the latest S&P 500 surge is like the setup to the Black Monday stock crash Brian Sozzi · Executive Editor Wed, June 3, 2026 at 8:42 PM GMT+7 3 min read ^GSPC If there is one constant amid this AI-fueled, record-setting run for the stock market, it’s the debate over whether it’s all one big bubble.
“I don’t think it’s a mania. Taxi drivers are not talking to me about AI server orders or GPUs yet. It hasn t happened yet. So we’re not in the full mania phase yet,” EMJ Capital founder and veteran tech investor Eric Jackson said on Yahoo Finance’s Opening Bid (video above).
“People are buckling in,” he added. “They are spending real dollars, unlike the dot-com period. And this thing [AI] is real. So there’s more to come.”
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