It is too late to jump on the bandwagon that has driven shares in chip manufacturers through the roof, says financial historian Edward Chancellor, author of a definitive history of past speculative excesses, from the South Sea Bubble onwards, and a brilliant recent book, The Price of Time, about the folly of sustained low interest rates. This article is reproduced with the author's permission.  

Shares in semiconductor stocks have been surging As investment in artificial intelligence surges, demand for semiconductors has gone through the roof. Prices for logic and memory chips have climbed fa...