Dhaval Joshi
ON THE RECORD · 14 verbatim quotes · every quote source-verified
“then that constitutes a ‘bubble.'”
Dhaval Joshi · said date not stated · reported 2026-08-16
Joshi completes his definition of a bubble based on rapid gains and equally rapid losses.
“the market is finally saying, ‘How is the E high?’ Because you’ve got very high margins, but can you maintain those margins?”
Dhaval Joshi · said date not stated · reported 2026-08-16
In an interview with Fortune, Joshi argues the market is in a profit margin bubble rather than an earnings bubble.
“So, the software boom turned to bust.”
Dhaval Joshi · said date not stated · reported 2026-08-16
Joshi describes how software stocks rallied on AI productivity hopes then crashed as investors saw AI agents threatening the SaaS subscription model.
“In real time, we are making educated guesses about which rapid inflations are at risk of rapid deflation,”
Dhaval Joshi · said date not stated · reported 2026-08-16
Joshi told Fortune how he assesses which rapidly inflating assets may deflate.
“That’s the million-dollar question!”
Dhaval Joshi · said date not stated · reported 2026-08-16
Joshi told Fortune he wasn't sure what the next bubble in the rolling sequence would be.
“On reassessment however, this could not justify a near trebling of the silver price when there are other good conductors.”
Dhaval Joshi · said date not stated · reported 2026-08-16
Joshi explains why silver's spike, driven by its use as a conductor for data centers, was not justified.
“To put that into perspective, it would be like paying $50,000 for a beaten-up 2007 Toyota Corolla!”
Dhaval Joshi · said date not stated · reported 2026-08-16
In a separate post, Joshi highlighted the 600% surge in the near-obsolete DDR3 RAM memory chip.
“rather than capital just sequencing into the next bubble, it would exit risky assets entirely.”
Dhaval Joshi · said date not stated · reported 2026-08-16
Joshi told Fortune that a tightening of accommodative monetary policy would drive capital out of risky assets.
“If you can make a fortune in a matter of weeks or months, and, crucially, then lose it all just as quickly or even quicker,”
Dhaval Joshi · said date not stated · reported 2026-08-16
Joshi defines what distinguishes a bubble from ordinary price discovery.
“Astronomical margins will crash back to earth when demand and supply equilibrate, as they ultimately must. So, the semis boom is unwinding – though has further to go.”
Dhaval Joshi · said date not stated · reported 2026-08-16
Joshi predicts chipmakers' margins will fall as supply and demand equilibrate.
“Anything that’s moved up very, very sharply in a short space of time is a candidate,”
Dhaval Joshi · said date not stated · reported 2026-08-16
Joshi describes how he identifies candidates for the next bubble in the rolling sequence.
“but if AI and blockchains can produce some synergies, then crypto could be a candidate.”
Dhaval Joshi · said date not stated · reported 2026-08-16
Joshi noted crypto has not participated so far but could become a candidate if AI and blockchain synergies emerge.
“the winner is just the general consumer, because prices collapse.”
Dhaval Joshi · said date not stated · reported 2026-08-16
Joshi outlines a third scenario in which competition erodes all margins and consumers benefit.
“stratospheric and unsustainable profit margins,”
Dhaval Joshi · said date not stated · reported 2026-08-16
Joshi told Fortune that outsized earnings returns rest on unsustainable margins.