Gary Shilling, one of the people to call the housing bubble, told Business Insider there's "extreme speculation" in AI stocks ...

As the AI-powered stock market has hit new records, bubble warnings have also gotten louder. But are they valid?

"Valuation models indicate that risk asset prices are well above fundamentals," the IMF said in a recent report.

Bill Smead said "momentum" is fueling the AI boom, the tech's potential is already priced in, and it's almost a replay of the dot-com bubble.

"Do I think we're in a bubble of some sort? Sure, we're in some kind of bubble," Andrew Ross Sorkin told Business Insider.

Wedbush's Paul Dietrich said the AI boom reminds him of the dot-com and housing bubbles, and he's bullish on gold and utilities.