AI Boom or Bust: Lessons from the Dot-Com Era for Today’s Tech Rally

The author argues the current AI investment surge blends real transformation with speculative risk, mirroring past bubbles like the dot-com era and the housing boom: rapid growth and massive leverage from AI champions (Anthropic, OpenAI, Nvidia, Alphabet) fuel lofty valuations, but eventual supply catch-up and tighter financing will likely burst the bubble, followed by a longer-term restructuring; investors are urged to pursue opportunity with caution and risk capital they can afford to lose.