Oaktree's Howard Marks says AI frenzy isn't a bubble — at least not yet
1. Howard Marks views AI valuations as high but not a bubble yet. 2. Investor enthusiasm for AI hasn't reached mania levels defining true bubbles. 3. He warns of psychological patterns reappearing in bubble behavior. 4. Past tech booms taught that optimism does not guarantee long-term success. 5. Marks believes AI will deliver significant value, but unpredictably.