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The AI Bubble Index measures the gap between what AI companies are valued at versus what they produce in revenue. It compares aggregate price-to-sales ratios against a 15x SaaS benchmark, factors in funding acceleration, market concentration, revenue quality, and the capex-to-revenue gap. The current reading is 278% (frothy).

The total AI market cap across 71 tracked companies is $21.0T. This includes private valuations and public market caps, deduplicated by parent company.

AI companies have raised $287B in total funding. The latest round velocity is $198B, indicating accelerating capital deployment.

The average price-to-sales ratio across AI companies with reported revenue is 66.1x. The healthy SaaS benchmark is 15x. A ratio above 30x suggests the market is pricing in extraordinary growth expectations.

The top 3 AI companies control 59% of total market cap. NVIDIA leads at $4.5T. High concentration means a single company stumbling could trigger a broad correction.

BenchGecko lets you define what counts as "the AI economy" through scope checkboxes: Pure AI (model providers, apps, dev tools), Big Tech (Google, Microsoft, Meta, Amazon), Chips (NVIDIA, AMD, Broadcom), Fabs (TSMC, ASML), Memory (SK Hynix, Micron), and Energy/DC operators. The Bubble Index recalculates based on your selection.

AI infrastructure spending (capex) totals $836B across tracked companies, while total AI revenue is $650B. This gap means the industry is spending more on infrastructure than it earns.