At a conference in São Paulo today, Børge Brende, President of the World Economic Forum, warned that global financial markets face three potential bubble risks: cryptocurrencies, artificial intelligence valuations and sovereign debt. He cited historically high government-debt levels — the highest since 1945 — combined with frothy tech valuations and speculative crypto flows. His comments come amid sharp falls in global technology stocks and serve as a caution that investor exuberance can rapidly reverse. Brende urged policymakers and investors to prepare for structural shifts rather than assuming continuous growth.