Artificial intelligence has become one of the biggest investment stories of our time. Companies are investing hundreds of billions of dollars into AI chips, data centers, software, and power infrastructure, while investors continue to debate whether today's valuations accurately reflect tomorrow's earnings.
For many market observers, the current environment feels familiar. During the late 1990s, enormous amounts of capital were invested to build the infrastructure that ultimately powered the internet. While that investment transformed the global economy, many of the companies leading the buildout struggled to generate returns quickly enough to justify soaring stock prices. The technology changed the world—but not every investment succeeded.
Could AI follow a similar path?
Watch the full video, "AI vs. Dot-Com: Same Story, Different Ending?", as Andrew discusses the similarities, the differences, and why the answer may be more nuanced than either the bulls or the bears suggest.