Creative destruction not only involves bringing new technology to market, it imposes higher risk on the future of existing assets. We characterize the asset pricing implications of creative destruction when investors compete for market share. Compared to first best, the quest for oligopoly rents leads to over investment in uncertain projects, spikes in asset prices and risk premia, and an aftermath in which prices fall steeply as uncertainty resolves. If competition for rents is sufficiently aggressive, the elevated price-dividend ratio predicts negative future expected returns. This resembles a bubble ex post, but arises solely from competitive behavior and does not require heterogeneous beliefs, behavioral biases, or financial frictions. Our analysis yields novel empirical predictions and we discuss how financial innovation might be used to predict bubbles ex ante.