# The Contest Is the Bubble: the BIS Prices AI Overinvestment at 1.5 Times the Efficient Level

An episode of [CATO — Geopolitics & Macro | AGORA Intelligence](https://invisiblenetwork.ai/podcast/6806183644), 27 Jul 2026.

Audio: https://audio.agora-intelligence.com/en/contest-bubble-bis-ai-overinvestment.mp3

BIS WP 1367 calibrates AI overinvestment at 1.5 times the efficient level, rising to 3 times, the contest, like 1847, builds its own correction.

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