Are we in an AI bubble, or is the boom just getting started? This week on Ticker Take, we put that question to Gil Luria, Head of Technology Research at D.A. Davidson. Luria doesn’t think we’re in one, at least not yet. The AI labs’ models are already good enough to drive real economic activity, he says, and that keeps expanding as usage grows. Big tech’s AI-exposed stocks, from Nvidia to Microsoft to Meta, are trading at low multiples relative to their own history, which is hard to square with bubble pricing.