World Economic Forum President Børge Brende has cautioned that financial markets may be heading into three speculative bubbles: AI, cryptocurrency, and sovereign debt. Speaking from São Paulo, he pointed to stretched valuations in tech stocks and warning signs in government borrowing. He also highlighted the risk of productivity-displacing AI, which could reshape labor markets and socio-economic structures. His remarks underscore growing concern about stability risks in a rapidly digitizing yet leveraged global economy.