If you turn on CNBC or Bloomberg at any given time, there's a decent chance you'll see a talking head discussing a bubble in AI stocks . It's a pretty easy case to make if you use the historical playbook for identifying an overvalued market. Judging by traditional metrics, we're flashing red . Even Fed Chair Jerome Powell — who rarely talks about asset prices — mentioned it recently. Bubble talk is peaking. But what if the historical playbook is broken? After all, certain corners of the stock-