The Silicon Valley luxury market is riding a wave of capital spending on AI infrastructure that even its biggest beneficiaries acknowledge looks overheated. John Young, co-founder of Young Platinum Group at Golden Gate Sotheby’s International Realty, has analyzed Palo Alto housing data across three major downturns over the past 28 years. His conclusion: while the AI buildout is likely creating real and lasting value, the boom-and-bust pattern that has defined Silicon Valley real estate is not going away. “Are we in a bubble? I think most people think so, but most people think there is enduring value being created,” Young...