Few topics have been as pervasive, or as polarising, as AI. Today, AI-related companies make up 40 per cent of the S&P 500.

As capital floods in and valuations climb, investors are torn between excitement and caution: Is this the beginning of lasting change, or a bubble in the making? It’s a fair concern and a risk we’re monitoring closely. For now, though, we do not see clear signs of a bubble. AI is not just lifting stock prices, it’s becoming a key engine of the US economy and a foundational driver of long-term productivity. To put it in perspective, AI-related investment has contributed more to US real economic growth than consumer spending in 2025.

Combined with strong earnings and solid forward-looking expectations for companies across the AI value chain, the current boom appears to be driven by genuine enthusiasm, not unchecked exuberance.

Tracking AI metrics

Of course, vigilance is warranted. How will we know if the boom is about to become a bust? We’re tracking several key metrics:

• AI adoption: There’s still plenty of room for growth. US adoption is up 60 per cent over the past year, but fewer than 10% of U.S. companies are actively using AI in production. The AI adoption cycle is just getting underway, and we anticipate the greatest productivity gains will materialise as AI moves beyond early adopters.
• Power and performance: The computing power needed to train cutting-edge AI models is rising exponentially, with performance gains accelerating on both sides of the Pacific. If future breakthroughs demand less power, it could disrupt market leaders who have invested heavily in infrastructure. Still, we believe that broader participation and improved efficiency will ultimately fuel wider adoption and drive long-term productivity.
• Capital runway: It’s reassuring that major hyperscalers have more profits than debt, and most hold surplus cash, but we will be watching for signs that credit is building. Broadly, capex also remains low compared to past overbuilding cycles (such as telecom before the dotcom crash or energy during the shale boom), and power and infrastructure constraints act as a natural check on spending — while also creating opportunities for the “picks and shovels” of the AI supply chain.
• Valuations & sentiment: Over the past three years, publicly traded AI stocks have actually seen their valuations (measured by forward P/E multiples) decline, while earnings per share estimates have more than doubled. That said, recent IPO performance suggests some signs of froth may be building, but we’re not seeing levels that warrant real concern yet.

While the rapid pace of spending may moderate from here, and pockets of exuberance may form, we don’t think the focus on AI is a fleeting trend. For instance, J.P. Morgan Asset Management’s 2026 Long-Term Capital Market Assumptions postulated that technology adoption, especially AI, is helping governments and corporations alike offset demographic headwinds and labour constraints. In other cases, AI is increasingly becoming a matter of national security. Altogether, we anticipate that the benefits will accrue beyond tech and broaden across the economy.

Where should investors find value? So far, public investors have mostly benefited from the infrastructure boom — semiconductors and cloud leaders have led the charge. However, the next wave of value creation may be with application and platform companies, many of which could remain private for years.

With firms staying private longer, investors should pay attention: the most significant AI breakthroughs are likely still on the horizon. Today, the median tech IPO happens when a company is 14 years old and pulling in $220m in revenue. Back in the 1990s, the average tech firm went public at just eight years old, with revenues of $44m in today’s terms.

As new opportunities come to the fore, they will likely require strategic capital to support long R&D cycles and scale adoption, making private market investors a natural stage for this stage of growth.

Strong momentum

To us, the momentum behind AI looks both strong and well-supported. While history shows markets can sometimes run ahead of technological progress, and this cycle could eventually be no exception, we don’t see bubble trouble for now. Provided that profitability and efficiency remain intact, the AI boom is shaping up to be a lasting engine of growth rather than a transient bubble.

As AI platforms and applications evolve, we see compelling opportunities emerging across the AI value chain, across sectors, and in both private and public markets.

The writer is a global investment strategist for J.P. Morgan Private Bank.

Read: UAE AI market to reach Dh170bn by 2030; MENA sector surges to Dh610bn

Each year, our Discovery Series gives us space to reflect on the people who serve in critical but unsung roles in the UAE economy. This year, we felt a mix of pride and concern.

Pride in the women who continue to step forward in the financial services sector, a sector that is central to the country’s economic ambitions. However, a concern is that, in the roles that protect organisations from risk and uphold integrity, women are still not represented in the way the UAE deserves.

Women leaders on boards

The study covered 73 listed financial institutions. Women now hold 15.8 per cent of listed board seats in those institutions, which signals real progress and is a greater proportion than the country as a whole (14 per cent). However, eight companies still have no female board members at all, and the picture changes even more sharply when we look at the specialist roles that act as a safeguard against instability. Only three identified chief risk officers are women, and only six women serve as heads of internal audit. These functions are critical to how institutions maintain clarity under pressure and respond to uncertainty.

The financial services industry is a cornerstone of the UAE’s economic diversification strategy. Contributing over 13 per cent to GDP, it underpins the nation’s shift from oil dependency towards a knowledge-driven economy. Anchored by hubs like DIFC and ADGM, the sector attracts global investment, fosters fintech innovation, and strengthens governance. Its role extends beyond banking to include insurance, asset management, and Islamic finance, supporting SMEs and sustainable growth. By enabling capital flows and risk management, financial services drive resilience and competitiveness, positioning the UAE as a leading regional hub and advancing national visions such as “We the UAE 2031” and Centennial 2071.

Given the sector’s criticality to the UAE, these gaps matter even more. Emiratisation targets require banks to reach 45 per cent Emirati representation and insurers 30 per cent by the end of next year. At present, less than 10 per cent of critical specialist roles have traditionally been held by UAE nationals. The opportunity is clear. Seventy per cent of UAE nationals in the private sector are women, indicating the country already has a strong, capable talent base to support these functions.

Progress does not happen by chance

During our interviews with senior women across banks, insurers and investment firms, we heard stories of determination, encouragement and responsibility. Many spoke about leaders who had given them confidence, and about the pride they feel when they can open doors for the next generation. Their reflections made one thing clear. Progress does not happen by chance. It happens when someone is willing to trust a talented woman with a role that carries weight.

The UAE is building a knowledge-driven economy that relies on strong governance. For financial services to support that ambition, women, including Emirati women, need to be visible in risk and audit roles. These roles influence judgement, culture and long-term stability.

The talent exists. The ambition exists. Now we must place more women in the positions that define organisational resilience. The sector, and the country, will be stronger for it.

Read: 44 women leaders share advice to power your success

Dana Alyazeedi is a partner, Business Risk Services at Grant Thornton UAE and Professor Dame Heather McGregor is the provost and vice principal of Heriot-Watt University Dubai.

The UAE is preparing for a sustained spell of unstable weather as forecasts from the National Center of Meteorology (NCM) point to rainfall, strong winds, reduced visibility and rough sea conditions across several parts of the country in the coming days.

The evolving weather pattern is already affecting parts of the country, with heavy to moderate rainfall reported across areas of Fujairah earlier this week, and additional rainfall and wind activity expected to extend into coastal, northern and eastern regions.

Read more-UAE braces for rain, strong winds: Here’s what to expect this week

The National Centre of Meteorology (NCM) has forecast partially cloudy to occasionally cloudy conditions, with the formation of convective clouds accompanied by rainfall over the islands and extending into parts of the coastal, northern and eastern regions.

In a statement, the NCM said winds will be moderate to active, becoming strong at times, raising dust and sand and leading to reduced horizontal visibility. Winds are expected to blow from southeasterly to northeasterly directions at speeds ranging between 15 and 30 km/hr, with gusts reaching up to 50 km/hr at times, according to a WAM report.

Sea conditions are forecast to remain moderate in the Arabian Gulf, becoming rough at times, while the Sea of Oman will experience light to moderate waves.

Fujairah sees heavy rainfall and valley runoff

Weather impacts have already been felt on the ground, particularly in the emirate of Fujairah and surrounding areas, which witnessed scattered rainfall on Monday, December 15. Rainfall ranged from heavy to moderate and affected areas including Murbah, Masafi, Al Farfar and central Fujairah city.

The rainfall was accompanied by a noticeable drop in temperatures, as the country continues to be influenced by an active low-pressure system. Heavy rain led to runoff in several valleys and mountain streams in mountainous areas, creating striking natural scenery but also raising safety concerns.

Authorities urged motorists to exercise caution and avoid valley crossings to ensure public safety. Emergency teams from the Fujairah Government remain on standby, closely monitoring weather conditions and responding swiftly to reports in order to maintain traffic flow and minimise potential impacts associated with the rainfall.

Unstable weather pattern expected to persist through Saturday

Looking ahead, the National Center of Meteorology has forecast a broader period of unstable weather across the UAE starting Wednesday and continuing through Saturday, bringing rainfall, strong winds, reduced visibility and rough sea conditions to multiple areas.

According to the NCM, Wednesday, December 17, will see partly cloudy to cloudy skies, with a chance of rainfall over the islands and some coastal and northern regions. Winds will remain moderate to fresh from the southeast to northeast, strengthening at times and causing blowing dust and sand, which may further reduce horizontal visibility. Wind speeds are expected to range from 15 to 30 km/hr, with gusts reaching up to 50 km/hr. Sea conditions are forecast to be moderate to rough in the Arabian Gulf, while the Oman Sea will remain slight to moderate.

Stronger winds and rougher seas forecast later in the week

Weather conditions are expected to intensify on Thursday, December 18, as convective cloud formations develop across scattered parts of the country, bringing rainfall. Winds will shift from southeasterly to northwesterly and remain moderate to fresh, becoming strong at times, particularly near cloud activity. These conditions are likely to result in blowing dust and sand and further deterioration in visibility. Wind speeds are forecast between 15 and 35 km/hr, with gusts of up to 55 km/hr.

By Friday, December 19, unstable conditions are expected to persist, accompanied by a significant drop in temperatures. Rainfall is forecast over scattered areas, with skies remaining partly cloudy to cloudy. Winds are expected to shift between northwesterly and southwesterly directions and may strengthen further, potentially reaching 60 km/hr, causing dust and sand storms and poor visibility in some locations.

Sea conditions are forecast to become rough in the Arabian Gulf and moderate to rough in the Oman Sea.

Conditions are expected to gradually improve on Saturday, December 20, although partly cloudy to cloudy skies will remain. The NCM has indicated a continued chance of convective cloud formation and rainfall, particularly over northern and eastern regions, with winds remaining moderate to fresh and becoming strong at times over the sea.

Authorities have advised residents, motorists and sea-goers to exercise caution during periods of strong winds, reduced visibility and rough seas, and to remain updated with official weather alerts issued by the National Center of Meteorology.

Kaspersky Threat Research has uncovered a new malware campaign targeting macOS users, exploiting paid Google search ads and shared conversations on the official ChatGPT website to distribute the AMOS (Atomic macOS Stealer) infostealer along with a persistent backdoor.

According to Kaspersky, attackers are purchasing sponsored search ads linked to queries such as “chatgpt atlas” and redirecting users to what appears to be an installation guide for “ChatGPT Atlas for macOS”. The page is hosted on chatgpt.com and presented as a shared ChatGPT conversation. In reality, the content has been generated through prompt engineering and stripped down to display only step-by-step installation instructions.

The guide instructs users to copy a single line of code, open the Terminal application on macOS, paste the command, and grant all requested permissions. Kaspersky’s analysis shows that executing the command downloads and runs a malicious script from an external domain, atlas-extension[.]com.

The script repeatedly prompts users for their system password, validating it by attempting to execute system-level commands. Once the correct password is entered, the malware proceeds to download and install the AMOS infostealer using the stolen credentials, before launching it on the device. The infection method is a variation of the “ClickFix” technique, which relies on persuading users to manually execute shell commands that retrieve malicious code from remote servers.

Once installed, AMOS harvests sensitive data that can be monetised or reused in subsequent attacks. This includes passwords and cookies from popular web browsers, data from cryptocurrency wallets such as Electrum, Coinomi and Exodus, and information from applications including Telegram Desktop and OpenVPN Connect. The malware also scans for TXT, PDF and DOCX files stored in Desktop, Documents and Downloads folders, as well as notes saved in the macOS Notes app, exfiltrating the data to attacker-controlled infrastructure.

A backdoor

In parallel, the campaign deploys a backdoor that is configured to persist across system reboots, providing attackers with remote access to compromised devices and duplicating much of AMOS’s data-collection functionality.

Kaspersky said the campaign highlights a broader trend in which infostealers have emerged as one of the fastest-growing cyber threats in 2025. Attackers are increasingly leveraging AI-related themes, fake AI tools and AI-generated content to enhance the credibility of their lures. The Atlas-themed activity extends this trend by abusing a legitimate AI platform’s content-sharing features.

Read: Inside Kaspersky’s plan to build cyber immune systems for the GCC

“What makes this case effective is not a sophisticated exploit, but the way social engineering is wrapped in a familiar AI context,” said Vladimir Gursky, malware analyst at Kaspersky. “A sponsored link leads to a well-formatted page on a trusted domain, and the ‘installation guide’ is just a single Terminal command. For many users, that combination of trust and simplicity is enough to bypass their usual caution, yet the result is full compromise of the system and long-term access for the attacker.”

Kaspersky advised users to exercise caution when encountering unsolicited guides that require running Terminal or PowerShell commands, particularly those involving one-line scripts copied from websites, documents or chat messages. The company also recommended verifying suspicious commands using security tools, avoiding unclear instructions, and ensuring reputable security software is installed and kept up to date on macOS systems.

Address Downtown has become one of the first hotels in Dubai to introduce a fully integrated Digital Check-In Experience, aligning with the city’s broader vision to set new benchmarks for smart hospitality services.

The new system allows guests to complete pre-arrival verification remotely, enabling faster, more seamless arrivals and allowing hotel teams to personalise services in advance. Upon arrival, guests can transition directly into their stay with minimal administrative interaction, reducing waiting times while maintaining a high-touch hospitality experience.

The launch supports Dubai’s wider digital transformation agenda, which focuses on improving service efficiency while enhancing convenience for residents and visitors. The Dubai Digital Hotel initiative is designed to modernise hotel operations across the emirate, leveraging technology to improve operational readiness, guest satisfaction and overall service quality.

Read: No desks, no delays: Dubai unveils fully contactless hotel check-in system

Address Hotels + Resorts said the introduction of digital check-in reflects its commitment to adopting technology that complements personalised service rather than replacing it. The group views the initiative as part of a broader effort to integrate innovation into luxury hospitality in a way that enhances comfort, efficiency and guest engagement.

With Digital Check-In now operational at Address Downtown, the hotel joins the first wave of properties contributing to Dubai’s ambition to redefine the future of hospitality through smart, guest-centric solutions.