Technologies

These Are the Weirdest Phones I’ve Tested Over 14 Years

These phones tried some wild things. Not all of them succeeded.

I’ve been a CNET journalist for over 14 years, testing everything from electric cars and bikes to cameras and, er, magic wands. But it’s phones that have always been my main focus and I’ve seen a lot of them come and go in my time here. Sure, we’ve had the mainstays like Apple and Samsung, but I’ve also seen the rise of brands like Xiaomi and OnePlus, while once-dominant names like BlackBerry, HTC and LG have vanished from the mobile space.

I’ve seen phones arrive with such fanfare that they changed the face of the mobile industry, while others simply trickled into existence and disappeared just as uneventfully. But it’s the weird ones that stick in my memory. Those devices that tried to be different, that dared to offer features we didn’t even know we wanted or simply the ones that aimed to be quirky for the sake of quirky. Like someone who thinks an interesting hat is the same as having a personality.

Here then are some of the weirdest phones I’ve come across in my mobile journey at CNET. Better yet, I still have them in a big box, so I was able to dig them out and take new photos — though not all of them still work. Let’s start with a doozy.

BlackBerry Passport

At the height of its power RIM’s BlackBerry was one of the most dominant names in mobile. It was unthinkable then that anything could unseat the goliath, let alone that it would fade into total nonexistence. The once juicy, ripe BlackBerry withered and died on the bush, but not without a few interesting death rattles on its way.

My pick from the company’s end days is the Passport from 2014, notable not just for its physical keyboard but its almost completely square design. The rationale behind this, according to its maker, was that business types just really love squares. A Word document, an Excel spreadsheet, an email — all square (ish) and all able to be viewed natively on the Passport’s 4.5 inch display with its 1:1 aspect ratio. Let’s not forget that all Instagram posts at that time were also square so it had that going for it too. YouTube, not so much.

In theory it’s a sound idea. In practice the square design made it awkward to use, as the physical keyboard was too wide and narrow. Its BlackBerry 10 software, especially the app availability, lagged behind what you’d get from Android at the time. BlackBerry quickly ditched the new shape. After trying to claw back some credibility with its Android phones — including the stupidly named Priv, a phone I quite liked — and by bringing on singer Alicia Keys as Global Creative Director (because BlackBerry phones had keys, get it?) the company stopped making its own phones in 2016.

YotaPhone 2

You’d be forgiven for having never heard of this phone or its parent company, Yota. Based in Russia, Yota made two phones: the creatively named YotaPhone in 2012 and the similarly inspired YotaPhone 2 in 2014, pictured above. Both were unique in the mobile world for their use of a second display on the rear. From the front, these phones looked and operated like any other generic Android phone. Flip them over though and you’d get a 4.3-inch E Ink display.

The idea was that you’d use your Android phone as normal for things like web browsing, gaming or watching videos, but you’d switch to the rear display if you wanted to read ebooks or simply have it propped up to show incoming notifications. E Ink displays use almost no power, so it made a lot of sense to preserve battery life by viewing “slow” content on the back.

The reality though is that beyond ebooks — which aren’t great to read on such a tiny screen anyway — there’s very little anyone might want to use an E Ink display for when out and about. It was difficult to operate, too, thanks to a slow processor and clunky software. After just two generations of YotaPhones, the company went into liquidation.

HTC ChaCha

Remember when Facebook was the cool place to be instead of just the place your parents and their friends go to publicly air their most troubling of opinions? When I was at university, instead of trading phone numbers when you met someone, the default thing was to add each other on Facebook and then begin poking each other. Facebook was so ubiquitous at the time that it was simply the way every single person I knew communicated.

Keen to capitalise on Zuckerberg’s social media success, HTC brought out the ChaCha in 2011. The phone came with an utterly ludicrous name and a dedicated Facebook button on the bottom edge. Tapping this would immediately bring up your Facebook page, allowing you to post the lyrics to Rebecca Black’s Friday, ask what Fifty Shades of Grey is about or do whatever else it was we were all up to in 2011.

Facebook might still be around in one form or another, but HTC abandoned its phone-making business back in 2018. Unsurprisingly, phones with dedicated hardware buttons tied to social media haven’t caught on.

Sirin Labs Finney U1

“Bro!” I hear you shout, all-too loudly. “BRO! You’ve got to check out what my Bitcoin is doing!” You’d then show me your phone and I’d watch while your crypto account plummeted, rebounded and plummeted again over the course of 12 seconds. The phone you’d be showing me, of course, would be the Sirin Labs Finney, a 2019 phone specifically targeted at crypto bros who wanted a device that would perfectly match their high-living, high-fiving crypto-trading lifestyle.

At its core, the Finney is just another Android phone, but a hidden second screen pops up from the back of the phone, with the sole purpose of giving you secure access to your crypto wallet. The phone had a whole host of security features to ensure that only you could access your Bitcoin or Etherium, and it allowed you to send and receive cryptocurrency without having to use a third-party online platform. Apparently that was a good thing.

If you were entrenched in the crypto world, this phone might have been the dream. But the wallet wasn’t easy to use and the phone was expensive, thanks to the cost of that second screen. Sirin Labs stopped making phones soon after and the mobile industry learned an important lesson about not developing hyper-niche devices that aren’t even that well-suited for the handful of customers that might be interested.

Planet Computers Gemini PDA

Half phone, half laptop, all productivity. The Gemini PDA by UK-based mobile startup Planet Computers was a clamshell device in 2018 with a large (at the time) 5.99-inch display and a full qwerty keyboard. It was basically a slightly more modern interpretation of a PDA, like 1998’s Psion 3MX, in that it was effectively a tiny laptop that would fold up and fit in your pocket. The full keyboard allowed you to type away comfortably on long emails or documents while the regular Android software on the top half meant it also functioned like any other phone — apps, games, phone calls, whatever.

It had 4G connectivity for fast data speeds and a later model even got an update to 5G. But, like the BlackBerry Passport, its focus on business-folk and productivity above all else meant it was a niche product that failed to garner enough appeal to succeed. It didn’t help that it was utterly enormous and fitting it in a jeans pocket was basically impossible, so it didn’t impress either as a laptop or as a phone.

LG G5

LG remains a huge name in the tech industry today thanks to its TVs and appliances, but it also tried to be a big player in the phone world, too. I liked LG’s phones — they were quirky and often tried weird things which kept my days as a reviewer interesting, perhaps none more so than the LG G5 in 2016.

LG called the G5 “modular,” meaning that the bottom chin of the phone snapped off allowing you to attach different modules such as a camera grip or an audio interface. Like many items on this list I can say that it’s a nice idea in theory, but in practice the phone fell short. Swapping out modules meant removing the battery, which of course meant restarting your phone every time you wanted to use the camera grip.

It was an inelegant solution to a problem that never needed to exist. But its bigger issue was that the camera grip and audio interface were the only two modules LG actually made for the phone. It’s as though the company had this fun notion in creating a phone that can transform according to your needs but then forgot to assign anyone to come up with any ideas on what to do with it. As a result, the end product was uninspiring, over-engineered and expensive.

Samsung Galaxy Note

Samsung’s Galaxy Note series helped transform the mobile industry. It literally stretched the boundaries of phones, encouraging larger and larger screens — even creating the unpleasant and mercifully short-lived term “phablet.” But the first-generation model in 2011 was controversial, mostly due to what was then considered its enormous size.

At 5.3 inches, it was significantly bigger than almost any other phone out there, including Samsung’s own Galaxy S2 — which, at a measly 4.3 inches, paled into insignificance against the mighty Note. It was mocked for being so huge, with memes appearing online poking fun at people holding it up when making calls. And while times have changed and we now have Samsung’s 6.9-inch Galaxy S25 Ultra, the original Note’s boxy aspect ratio meant it was actually wider than the S25 Ultra. So even by today’s standards it’s big.

It was also among the first phones to come with its own stylus shoved into its bottom. It’s a feature that few mobile companies have mimicked, but Samsung kept it as a differentiator on its later Note models before incorporating it into its flagship S line starting with the S22 Ultra.

Nokia Lumia 1020

Nokia’s Lumia 1020 was my absolute favorite phone for quite some time after its launch in 2013. And it’s because of its weirdness.

Nokia had an amazing history of bonkers mobiles — 2004’s 7280 “lipstick phone,” for example — and while the Lumia range was much more sedate, the 1020 had a few things that made it stand out. First, it ran Windows Phone, Microsoft’s brief and unsuccessful attempt to launch a rival to Android and iOS. A rival that I happened to quite like.

It was also made of polycarbonate, with a smoothly rounded unibody design that strongly contrasted the angular metal, plastic and glass designs of almost all other phones launching at that time. Its look was unlike anything else on sale, and I loved it.

But the main thing I loved was its camera. With a 41-megapixel sensor, Carl Zeiss lens, raw image capture and optical image stabilization, the Lumia 1020 packed the best camera specs of any phone I’d ever seen. It made the phone a true standout product, especially for photographers like me who wanted an amazing camera with them at all times, but didn’t want to have to carry both a phone and a compact digital camera.

While incredible image quality from a phone is a given in almost all camera phones in 2026, the Lumia 1020 was an early pioneer in what could be achieved from a phone camera.

LG G4

LG, twice in one list? Oh yes, my friend, because the G5 seen above was not the first time LG went weird. Launched in 2015, the LG G4 had two main features that raised a few eyebrows. Most notably was LG’s decision to wrap the phone in real leather. Yes, real actual leather. Like what you’d get when you peel a cow. It even had stitching down the back, making it look like a handbag or a boot.

While it’s not a phone for vegans, I actually liked the look, especially as real leather — even the really thin stuff LG used on the G4 — naturally wears over time, gaining scuffs and scratches that give each phone a unique patina. It’s why I love my old leather Danner boots, and it’s why a vintage, worn-in leather jacket will almost always look better than a brand new one. Still, with leather being an expensive — and arguably controversial — material to use on a phone, it’s no surprise LG didn’t return to this idea.

But it’s not the only weird thing about the phone — the G4 was among a small number of phones released around that time that experimented with curved displays. It’s gently bent into a banana shape, the theory being that it makes watching videos more immersive, as is the case with curved screens in movie theaters. The problem is that movie screens are immense, so that curve makes sense. On a 5.5 inch phone like the G4, that curve is barely noticeable and only really served to push the price up.

Motorola Moto X and Moto Maker

I’ve just pointed out how weird the LG G4 was for using leather and now I’m pointing out another phone that, as you can see in the image above, is also wrapped in leather. But the weird thing here isn’t that the Motorola Moto X came in leather — it’s that I personally got to choose that it came in leather.

With the Moto X in 2013, Motorola launched a service called Moto Maker that allowed you to customize your phone in a wild variety of ways. From different-colored backs and multicolored accents around the camera and speakers through to using materials including leather and even various types of wood, there were loads of options to make your Moto X look unique. Each phone would then be made to order and you could even have it personalised with lazer etching and provide your Google account for it to be prelinked on arrival.

If custom-making phones with a vast number of potential options en mass sounds like an absolute logistical nightmare then you’re on the same page as Motorola eventually found itself. Moto Maker only existed for a few years before the company retired its customization service.

Samsung Galaxy Fold

I’m ending on a wildcard addition with the original Galaxy Fold. It’s a wildcard because Samsung’s Fold and Flip range are now up to number seven and we’ve got foldable devices from almost all major Android manufacturers. Though still not Apple.

While the original Fold might have kicked off the foldable revolution, there’s no question it was a weird phone. I was among the first to test it in the world when it launched in 2019 and while I was certainly impressed by the bendy display, its hinge felt weird and “snappy” to use. The outer display was, let’s face it, terrible.

On paper its 4.6-inch size is reasonable, but it’s so tall and narrow that it was borderline unusable for anything more than checking incoming notifications. Trying to type on it meant whittling down your thumbs to pointy nubs so I spent most of my time interacting with the phone’s much bigger internal screen. Cut to today when the Galaxy Z Fold 7’s outer screen measures a healthier 6.7 inches and as a result can function like any regular smartphone, with the bigger inside screen only required when you want more immersive content.

Looking back at the original Fold and its bizarre proportions, it’s honestly a surprise that Samsung persisted with the format. But I’m glad it did.

Technologies

U.S. diesel price tops $6 per gallon, a record high as Ukraine and Iran wars ripple through economy

U.S. diesel prices hit their highest level ever as fuel supply disruption stemming from the Ukraine and Iran wars lifts transportation costs.

U.S. diesel prices hit $6 per gallon on Friday for the first time ever, as fuel supply disruptions triggered by the Ukraine and Iran wars raises transportation costs across the entire economy.

Truckers and farmers are paying about 63% more to fill up their semis and tractors than they did at this time last year, according to data from AAA. The average price nationwide is now about $6.06 per gallon.

Prices are even higher in California, the biggest agriculture state in the U.S., at $7.98 per gallon.

Fuel costs are rising as crude oil prices have surged in response to a sharp escalation in fighting between the U.S. and Iran this month. U.S. crude oil futures topped $100 per barrel on Thursday for the first time since May. The contract has gained about 20% in September.

Diesel is the real lifeblood of the economy even though consumers tend to pay more attention to retail gasoline prices, said Bob McNally, president of Rapidan Energy, in an interview with CNBC’s “The Exchange” on Tuesday.

Higher diesel prices are passed down to consumers in what they pay for food, consumer goods and energy. Diesel fuels the trucks, trains and ships that bring goods to market. It powers the machinery that farmers use to plant and harvest food. And it heats homes and generates electricity in some cases.

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“It’s the more insidious, more costly, and more impactful fuel,” McNally said. “As we climb higher, it is a real concern.”

Diesel prices at these levels will be a “silent killer” for the economy, said Patrick De Haan, head of petroleum analysis at GasBuddy, in an interview with CNBC’s “Power Lunch” Tuesday.

Gasoline prices, meanwhile, have never been this high this late in the year, De Haan said. Prices at the pump hit a Labor Day record of $4.15 per gallon earlier this week. Americans are spending about $700 million more per day on gas and diesel than they did a year ago, the analyst said.

“There’s sticker shock there for consumers,” De Haan said.

Fuel costs are rising as the Iran and Ukraine wars have disrupted global supplies. Kyiv has pounded Russian refineries, forcing Moscow to ban diesel exports. Iran and its militant Houthi allies in Yemen have also hit the refineries of U.S. Gulf allies. Fuel exports through the Strait of Hormuz are constrained due to the Iranian attacks on tankers.

The wars in Eastern Europe and the Middle East have shut down refineries with about 5 million barrels per day of capacity, said Valero Chief Operating Officer Gary Simmons on the U.S. refiner’s July 30 earnings call.

The world has lost nearly 8% of its diesel supply with little spare refining capacity available to make up the shortfall, said Andy Lipow, president of Lipow Oil Associates, in a Wednesday note.

Rising diesel prices pose an “enormous challenge” for the Trump administration, said Helima Croft, head of global commodity strategy at RBC Capital Markets, in a Sept. 4 interview with CNBC’s “Power Lunch.”

“U.S. refineries are running at 98% utilization rates — there is just no spare capacity,” Croft said.

Technologies

Buffett’s confidence in troubled decade-old acquisition finally pays off

Warren Buffett has said he paid too much for Precision Castparts in 2016. Now its complex metal castings are in high demand.

(This is the Warren Buffett Watch newsletter, news and analysis on all things Warren Buffett and Berkshire Hathaway. You can sign up here to receive it every Friday evening in your inbox.)

Buffett’s confidence in troubled decade-old acquisition finally pays off

Six years ago, when Berkshire Hathaway took an $11 billion write-down of its $37.2 billion 2016 acquisition of Precision Castparts, Warren Buffett wrote in his annual letter to shareholders he had paid “too much” for the company, which makes “complex metal components and products.”

While it was a “fine company – the best in its business,” he had been “simply too optimistic” about its profit potential, a “miscalculation … laid bare” by the enormous downturn for the aerospace industry, Precision Castparts’ largest customers, amid the Covid pandemic.

In a CNBC interview when the deal was first announced, Buffett admitted it was “a very high multiple for us to pay,” but told shareholders at the 2016 meeting he had great confidence in Mark Donegan, the company’s CEO, both then and now, and the company’s long-term profit outlook.

It’s taken longer than he planned, but Buffett’s purchase is now looking pretty good.

As Reuters puts it, there is currently a shortage of the “complex” products Precision Castparts makes that are essential for engine turbine blades.

They’re also used in natural gas turbines, which are in demand to produce energy for artificial intelligence data centers.

This week, GE Aerospace announced it would pay $11.75 billion to acquire Consolidated Precision Products, one of the few companies that competes against Precision Castparts.

Barron’s calls that “pricey” at 26 times projected 2027 earnings before interest, taxes, depreciation, and amortization.

Using the same multiple, Barron’s estimates Precision Castparts is worth around $100 billion. That’s well above the potential value of $60 billion to $75 billion it cited in an article last month that said the unit “probably has become one of the more valuable divisions” of Berkshire.

It’s also nearly three times the 2016 purchase price.

In the Barron’s piece, Andrew Bary said Berkshire, and its share price, aren’t “getting much credit” for the subsidiary’s rising value, in part because CEO Greg Abel, like Buffett, doesn’t do analyst conference calls or investor events that could draw attention to the unit’s performance.

His recommendation: “Without Warren Buffett at the helm, Berkshire may have to start telling its story if it wants to attract a new generation of investors. This year’s trading action suggests that something may need to change.”

Berkshire bounces a bit as Wall Street sells off

Berkshire Hathaway shares managed a modest gain this week even as Wall Street’s major averages declined, a small departure from the 2026 “trading action” Bary cites.

Both the Class A and Class B shares gained almost 0.9% while the S&P 500 fell by 0.8%.

Until Friday’s bounce, that benchmark index, along with the Dow Industrials and the Nasdaq Composite, had dropped four days in a row as oil and bond yields moved higher.

Even with this week’s outperformance, Berkshire’s B shares still trail the S&P 500 by more than 10 percentage points so far this year.

Nebraska candidate moves to replace ad that included Buffett’s image

The campaign team for the Republican running in Nebraska’s 2nd Congressional District accelerated the deployment of a new campaign ad after Susie Buffett complained about a previous commercial that briefly included an image of her father, Warren Buffett.

In the ad, a picture of Buffett and his name appear on screen for roughly two seconds as candidate Brinker Harding says, “Here in Omaha, we know a thing or two about the stock market, some more than others. But we do it without insider information.”

He then goes on to highlight his call for a ban on Congressional stock trading, saying some lawmakers “trade on secrets you’ll never know,” as they “get rich” while “we barely get by.”

In a report that led its 10 PM CT newscast Wednesday evening, ABC affiliate KETV in Omaha reported Susie Buffett had asked Harding on Sept. 2 to remove the ad.

She told the station, “I think it’s worth it to say that Warren did not give Brinker his permission to use his face or name in his ad.

“It implies that my dad endorses him. He did not have permission to use it.”

The KETV report quoted Harding as saying in a statement, “In Nebraska, we work hard and support each other, and we do it honestly. Warren Buffett exemplifies that, and that was the point of my ad.”

The report said Harding did not comment on whether the ad would be taken down but noted “it does look like new ads from his campaign are beginning to run on some stations.”

A Harding campaign spokesperson told me the campaign did not think its ad implied a Buffett endorsement, but to be respectful to the Buffett family, it responded to her concern by accelerating the rollout of its next planned ad by several days, although its effort was hampered by the Labor Day weekend.

The commercial now running does not show or mention Buffett.

BUFFETT & BERKSHIRE AROUND THE INTERNET

Some links may require a subscription:

– Best’s News and Research Service: 2026 Best’s Rankings: Berkshire Hathaway Takes DPW Top Spot Among Accident & Health Lines

– Financial Times: The day Warren Buffett saved Salomon Brothers

HIGHLIGHTS FROM CNBC’S BUFFETT ARCHIVE

The effects of 9/11 on Berkshire and the insurance industry (2002)

Warren Buffett shares his thoughts on the 9/11 attacks and explains how Berkshire’s insurance companies have started taking terrorism into account when writing policies.

AUDIENCE MEMBER: I know you lost a lot of money as a result of 9/11. But I would like to know how 9/11 changed your life and your investment strategy?

WARREN BUFFETT: It made everybody, I think, in the country aware, I mean, we’ve gone through world wars and all of that, and essentially felt quite protected within these borders.

And I have been quite worried about — Charlie can attest to — you know, the possibility, particularly of some kind of nuclear device in this country, by — probably more likely by terrorists than by some, at least, declared act of war by another state.

And 9/11 made everybody realize that as humans have not progressed, particularly, in terms of how they behave with each other over the years, they have progressed enormously in their ability to inflict damage on those they hate for one reason or another…

In terms of the business aspects of it, in your question, obviously the area at Berkshire that it effects most significantly, by miles, is insurance.

And prior to 9/11, even though we recognized that there could be huge monetary damages that flowed from the activities of what I would call deranged people, we hadn’t really written the contracts in such a way as to either get paid for taking that risk or to exclude the risk. In other words, we were throwing it in for nothing.

We had excluded risk for war. I mean, we knew that we’d seen what had happened in England in the 40s, and so we had taken account of something that some of us had seen with our own eyes, but we didn’t take account of something that we knew was possible, but we just hadn’t seen. And that’s, you know, that’s the human condition, to some degree.

Since September 11th, everybody in the insurance business recognizes that they had exposures that they weren’t charging for, and they either had to exclude those exposures or they had to charge for them.

We have written — first thing we had to do, of course, is we had lots of policies on the books that left us exposed to this, and most of those policies ran for a year, starting at different points. Those have run off to a great degree, but they’re not entirely run off.

The other thing we did was on new policies. We have sold a fair amount, quite a large amount, of terrorism insurance that excludes what we call NCB, nuclear, chemical, and biological, as well as fire following nuclear.

And, we can take a fair amount of exposure to that sort of terrorism, because it doesn’t — it won’t aggregate. It aggregated at the Twin Towers in a way that — World Trade Center — in a way that just about was as extreme as you could get for non-NCB-type activities.

I mean, that was a huge amount of damage done without nuclear, chemical, or biological.

But we can have tens of billions of dollars with NCB excluded throughout a greater New York area, or something, but we can’t have hundreds of billions of exposure that would be exposed, say, to, nuclear activities, because there an act or two, or three, coordinated, could cause damage that would destroy the insurance industry.

And if we had coverage on that, it would destroy us as well.

BERKSHIRE STOCK WATCH

Four weeks

Twelve months

BRK.A stock price: $766,000.00

BRK.B stock price: $510.37

BRK.B P/E (TTM): 12.83

Berkshire Cash as of June 30: $365.5 billion (Down 8.0% from March 31)

Excluding Rail Cash and Subtracting T-Bills Payable: $359.2 billion (Down 3.8% from March 31)

Berkshire repurchased $4.5 billion of its shares in Q2 2026.

BERKSHIRE’S TOP EQUITY HOLDINGS – Sep. 11, 2026

Berkshire’s top holdings of disclosed publicly traded stocks in the U.S. and Japan, by market value, based on the latest closing prices.

Holdings are as of June 30, 2026, as reported in Berkshire Hathaway’s 13F filing on August 14, 2026, except for:

– Mitsubishi, which is as of April 30, 2026

The full list of holdings and current market values is available from CNBC.com’s Berkshire Hathaway Portfolio Tracker.

QUESTIONS OR COMMENTS

Please send any questions or comments about the newsletter to me at alex.crippen@cnbc.com. (Sorry, but we don’t forward questions or comments to Buffett himself.)

If you aren’t already subscribed to this newsletter, you can sign up here.

Also, Buffett’s annual letters to shareholders are highly recommended reading. There are collected here on Berkshire’s website.

— Alex Crippen, Editor, Warren Buffett Watch

Technologies

Wall Street firm warns AI stock rally may be nearing its end: key reasons

Capital Economics says that while the S&P 500 may keep rising this year, the AI‑driven rally shows multiple bubble indicators and is expected to peak within months, with a projected decline to 6,500 by late 2027.

Various signs of a market bubble indicate that although the S&P 500’s rally can continue this year, its medium‑term outlook appears weak because the market has become overly frothy, according to Capital Economics.

James Reilly, senior market economist at Capital Economics, noted on Thursday that most indicators point to the AI equity rally being close to its end.

Since mid‑2023, Capital has been more optimistic than most about the stock market, viewing AI as a transformative technology.

The firm’s year‑end 2026 S&P 500 forecast has consistently exceeded consensus estimates.

Nevertheless, Capital maintains that the AI‑driven rally is a bubble destined to burst.

To identify a late‑stage bubble, Reilly examines eight metrics: valuations, earnings, index concentration, equity issuance, and foreign interest in U.S. stocks.

Several of these metrics are already at or near levels seen before past market peaks.

While earnings expectations appear aligned with a market top, measures such as volatility and leverage are somewhat less concerning.

Earnings are the most significant warning sign.

S&P 500 earnings growth expectations are hovering at levels only seen at the dot‑com bubble peak, and long‑term EPS forecasts have reached a record high.

Reilly argues that the tech sector’s heavy concentration of this growth means any weakness in tech earnings will heavily drag on the index.

Additional warning signals are also emerging.

Index concentration is approaching dot‑com era extremes, net equity issuance has turned positive, and foreign ownership of U.S. stocks is at a record level.

Reilly warns that another wave of IPOs and share sales could be especially significant, as past issuance booms have historically coincided with market peaks.

He adds that, based on history, the bubble’s end is likely just months away, not years.

Leverage measures are not yet alarming compared with other factors, though the analyst cautions they are moving in a concerning direction.

Volatility indicators resemble those of a mid‑stage bubble, but constituent‑level volatility is not as extreme as at the dot‑com bust’s end.

Reilly expects the S&P 500 to rise from roughly 7,650 now to about 8,250 by the end of 2026, but ultimately projects a decline to 6,500 by the end of 2027.

These projections imply an 8% gain this year and a 21% drop in 2027.

Most signs point to the AI equity rally being close to its conclusion, Capital Economics senior market economist James Reilly stated on Thursday in a note.

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