“The turning point will come if corporate profits start to slow and companies fail to efficiently monetise their capital expenditure,” Wisakorn said. “That would increase the risk of the US stock market entering bubble territory.”
He added that as long as companies continue to generate profits and demonstrate clear growth potential — particularly in the technology and innovation sectors — the US market remains supported by strong fundamentals rather than irrational speculation.
This, he said, presents a “golden opportunity” for long-term investors who believe in the resilience of the US economy.
Bodin Phuttha-in, Investment Strategy Director at Eastspring Asset Management (Thailand), agreed, noting that earnings in technology sectors such as AI and semiconductors continue to grow strongly, by 10–20%, while the US economy itself remains robust, with Q2 2025 GDP growth reaching 3.8%.
However, Bodin warned that investors should watch for possible turning points — such as slowing corporate earnings or a scenario where the Fed delays expected rate cuts. Either could trigger short-term “sell-on-fact” pressure in the market.
Gold prices still supported by strong fundamentals
Kritcharat Hiranyasiri, Chairman of MTS Gold, said the recent surge in gold prices is backed by solid fundamentals — including sustained buying by central banks worldwide and robust demand across Asia — indicating that the market has not yet entered bubble territory.
He noted that financial institutions expect gold prices to continue rising, with the possibility of reaching US$4,900–5,000 per ounce by mid-2026.
Thipa Nawawatthanathap, Chief Executive Officer of YLG Bullion International, shared a similar outlook, saying that gold remains in a positive trend over the medium to long term. She set price targets at US$4,000 and US$4,435 per ounce, and projected Thai gold prices in the range of 61,600–68,000 baht per baht weight.
However, Thirat Chutawarakul, Managing Director of Intergold Gold Trade, cautioned that a market correction could occur — similar to the subprime crisis — if the People’s Bank of China halts its gold purchases, which could serve as a key turning point for global prices.
He advised investors to prepare for short-term pullbacks of around 4,000–5,000 baht before the market resumes its medium- to long-term uptrend.
Bitcoin could face a bubble in Q4, analysts warn
Thanalop Preedamanoch, Fund Manager at Merkle Capital, said the cryptocurrency market, particularly Bitcoin, may be heading toward a potential bubble in the fourth quarter of this year as prices continue setting new record highs and remain in overbought territory.
However, he stressed that a bubble is not necessarily a bad thing if investors manage to enter and exit at the right time.
He advised that when early warning signs begin to appear, investors should gradually take profits to protect against possible corrections.
“In the fourth quarter, we may see short-term adjustments as Bitcoin trades in a high-price zone,” Thanalop said. “But strong liquidity and positive on-chain data still suggest that Bitcoin prices could continue climbing further.”
Global warnings grow over potential AI bubble
Economic agencies worldwide are increasingly warning about a potential “AI bubble”, as stock markets in both the United States and globally continue to hit record highs. Much of the momentum has been driven by technology firms linked to AI, even as the global economy remains vulnerable to volatility and ongoing trade conflicts.
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), compared the current situation to the dot-com bubble of 25 years ago. “Today’s valuations are approaching the same levels seen during the world’s obsession with the internet a quarter-century ago,” she said.
Georgieva warned that a sharp correction could trigger tighter financial conditions, restrain global economic growth, expose structural vulnerabilities, and hit developing countries especially hard.
Adam Slater, Chief Economist at Oxford Economics, echoed the concern, noting that several indicators now resemble bubble-like behaviour — including the rapid surge in technology stock prices, the tech sector’s share of the S&P 500 rising to nearly 40%, and overstretched valuations.
“There is a growing sense of overconfidence in technology,” Slater said, “even though no one yet knows how much real-world value it will ultimately deliver.”
Tech giants caught in ‘money loop’ as AI deals circulate billions
Bloomberg has reported that amid a wave of billion-dollar AI partnerships, hundreds of billions of dollars are being recycled among just a handful of major tech firms — with Nvidia and OpenAI at the centre of this powerful cycle.
These firms, which ignited the AI revolution of the century, have become creditors, investors, and customers to one another simultaneously.
Each time news of a new AI deal breaks, it sends tech stock valuations soaring even higher, fuelling questions over whether such lofty prices are supported by genuine earnings or merely speculative expectations that may prove unsustainable in the long run.
Brian Colello, an analyst at Morningstar, commented on Nvidia’s investment in OpenAI, saying: “If the AI bubble does burst within the next year, this deal could be one of the first warning signs of trouble.”
US bull market marks three-year milestone
The US stock bull market celebrated its third anniversary on Sunday, but analysts warn that sustaining the rally could become more difficult unless market gains broaden beyond a narrow group of stocks.
The current bull run began on October 12, 2022, and the S&P 500 has since surged about 83%, adding more than US$28 trillion in market value before easing last Friday following US President Donald Trump’s threat of major tariffs on Chinese goods. The cumulative gain had previously reached 88%.
Despite short-term weakness, the market’s 13% rise over the past year remains nearly double the average third-year gain of previous bull markets, according to data from CFRA Research.
As a result, the trailing price-to-earnings (P/E) ratio of the S&P 500 now stands at 25 times, the highest level ever recorded for the third year of a bull market, underscoring growing concerns about overheated valuations.
Global uncertainty drives gold to record highs
It has taken less than two decades for global gold prices to soar from the US$1,000-per-ounce milestone during the 2008 subprime crisis to over US$4,000 per ounce today.
Despite climbing about 50% this year, gold shows no signs of stopping. On October 13, spot gold hit a new all-time high of US$4,078.05 per ounce before easing slightly, driven by renewed concerns over a US–China trade war.
The surge came after Washington threatened to impose 100% tariffs on Chinese imports in retaliation for Beijing’s restrictions on rare-earth exports — a move China has vowed to counter.
A recent report by Syz Group, a Swiss financial services firm, noted that global central banks now hold more gold than US government bonds for the first time since 1996 — marking a significant shift in global reserve strategy.
Financial markets now overwhelmingly expect the Fed to cut interest rates by 0.25% at its upcoming Federal Open Market Committee (FOMC) meeting on October 28–29, with another potential reduction likely at the final meeting of the year in December.
Bitcoin hits new all-time high before sharp correction
Alongside gold and US equities, cryptocurrencies have also surged to record levels this year. On October 7, Bitcoin reached a new all-time high of US$126,183.22, pushing its market capitalisation past US$2.51 trillion.
The rally was fuelled by growing institutional investment and a series of pro-crypto policy adjustments introduced earlier this year by Trump’s administration.
However, Bitcoin prices fell sharply on Friday and Saturday, following renewed fears of a US–China trade escalation after Trump threatened to impose 100% tariffs on Chinese imports. The digital asset tumbled to US$112,580 per Bitcoin as investors rushed to reduce exposure to risk assets.
According to data from CoinGlass, more than 1.5 million cryptocurrency traders were forced to liquidate positions within 24 hours, leading to total losses of around US$9.55 billion (approximately 310 billion baht).