2026 may rewrite Wall Street history: the risk of three bubbles bursting simultaneously.

There is an old saying that goes well - every revolutionary technology needs time to grow. The internet took years to truly change the world, and Blockchain and Metaverse have also gone through a roller coaster from craziness to silence. But 2025 has something special: three hyped-up popular tracks are showing cracks simultaneously.

The First Bubble: The False Heat of AI Infrastructure

For 30 years, investors have been waiting for a black technology that can rival the internet. AI seems to be that savior — capable of enabling companies to leapfrog in development. The question is: Are companies really making money?

Data is enticing, but reality is stark. Taking Palantir (PLTR) as an example, this AI star company's Gotham platform is relied upon by the U.S. military, and its growth rate is insane, but its price-to-sales ratio (P/S) has reached 102 times. It's worth noting that no major company has maintained a P/S ratio exceeding 30 times for more than a year in the past 30 years. PLTR is already at the peak of the bubble.

The historical lesson is clear: investors always overestimate the adoption rate of new technologies and underestimate the time to maturity. Will AI escape this curse? The probability is low.

The Second Bubble: The Crazy Premium of Quantum Computing

If AI still has some fundamental support, quantum computing is purely gambling. The stock prices of IonQ (IONQ), Rigetti (RGTI), and D-Wave (QBTS) have surged by 1490% over the past year—this in itself is a warning signal.

The more absurd thing is their valuation:

• IonQ market capitalization rate 130 times
• Rigetti's price-to-sales ratio is 906 times.
• D-Wave's price-to-sales ratio is 246 times

These three companies are still in the early stages of commercialization, and their products are several years away from practicality. However, they have already been priced as tech giants. Worse yet, giants like Apple and Google are already developing their own quantum chips – can small companies still compete?

The Third Bubble: The Pitfalls of Bitcoin Balance Sheet Strategies

This is the most heart-wrenching. Michael Saylor's Strategy (MSTR) has sparked a trend: companies are hoarding Bitcoin on their balance sheets using cash or issuing bonds.

MSTR has spent over 48 billion dollars to buy 649,000 Bitcoins (average cost of 74,000 dollars each), accounting for 3.1% of the total global BTC supply. Dozens of small publicly traded companies have followed suit.

But the problems are piling up like mountains:

1. These companies are all losing money. MSTR's core business (analytics software) has seen a decline in sales over the past decade, mainly relying on issuing preferred shares and diluting common shares to finance their coin hoarding.

2. The premium is outrageous. The stock prices of these companies have a huge premium relative to their net asset value (NAV) of held BTC. Once market sentiment reverses, a steep decline reminiscent of a 'cutting leeks' style is inevitable.

3. Bitcoin itself has problems. Its “scarcity” is merely a code setting, which has completely failed in real-world applications in El Salvador. It is neither the fastest Blockchain payment network nor the cheapest. In simple terms, it is not a necessity.

The Scenario of Three Major Bubbles Bursting Simultaneously

If these three tracks adjust simultaneously in 2026, the history of the stock market may need to be rewritten. AI stocks will fall from great heights, quantum computing will return from concept to reality (this will take more time), and Bitcoin asset strategies will expose their funding dilemmas.

Bottom line: This year, investors must be wary of popular concept stocks with outrageous valuations and unclear business models. History has taught us this every time, yet investors never seem to learn.