AI Leadership and Market Anxiety
As AI investment accelerates and market leadership narrows, investors are increasingly asking a familiar question: are we witnessing a durable productivity shift, or the early formation of another tech bubble?
The comparison most often drawn is to the late 1990s.
At a glance, the parallels are clear—breakthrough innovation, concentrated winners, and rapidly rising expectations. But surface-level similarities can obscure the deeper structural forces shaping today’s cycle.
To properly assess the current environment, it’s worth revisiting what truly defined the dot-com era—and, more importantly, understanding where this cycle fundamentally diverges from it.