Are AI valuations out of control? Are investors blindly following the Mag7? In this episode of Noise Cancelling, Neil Woodford breaks down the real risks in the AI boom, why the S&P 500 is more concentrated than most people realise, and why he believes the consensus has completely misunderstood this moment in markets. Neil explains why he still questions the valuations of the largest AI companies, how the Mag7 have distorted global asset allocation, and why the strongest opportunities may now sit outside the obvious US tech giants. We discuss whether this is another “AI bubble”, how today differs from the dot-com era, why China and the UK have surprised investors in 2025, and what most people are missing about the next decade of returns.