GQG Partners has been vocal about its view on the AI trade over the last several months, publishing a four-part report from September through early March detailing why it's a bubble "on steroids" waiting to burst. In a call with Business Insider this week, the firm doubled down on its views, warning that the S&P 500 could get wrapped up in a selling-spiral if the AI trade starts to unravel. "The downside risk could be quite material," said Siddharth Jain, who co-manages the GQG Partners Global