Chatter about an AI bubble has been everywhere lately, and top tech companies like Google, Meta, and Microsoft have doubled down on their AI investments for 2026. But how have analysts in the past accurately identified forming tech bubbles? Mike and Lauren sit down with WIRED contributor and author of the newsletter Blood in the Machine Brian Merchant to break down the four criteria some researchers have used in the past to understand and brace for the worst.

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Join WIRED’s best and brightest as they provide an insider analysis of the overlap between tech and politics, from the influence of Silicon Valley on the Trump administration to how inaccurate information from artificial intelligence (Ai) chatbots fanned the fire on social protests.