Ray Dalio’s latest warning is blunt: the companies building the AI revolution could see their stocks fall by as much as 80% even if they succeed in changing the world. That jarring assessment came during a July 2026 interview with My First Million, as detailed in the original report. Dalio’s message lands at a moment when crypto markets are running hot on AI narratives, and his metric for reckoning—a bubble gauge sitting at 75% of the extremes seen in 1929 and 2000—demands attention from risk-asset traders.

The billionaire investor explained that during bubble periods, even the most successful companies can lose about 80% of their market value. He described how the excitement around major new technologies fuels investment, but…