The 2000 dot-com episode is a useful warning for todays AI enthusiasm.
Euphoria can continue long after valuations detach from near-term fundamentals. Strong narratives, easy liquidity, and fear of missing out can push prices higher even as the margin for error narrows.
That does not mean every AI investment is a bubble or that the peak is imminent. It means investors should separate durable productivity gains from multiple expansion and momentum.
Watch earnings quality, capital intensity, adoption, and cash flow. The rally can persist before the peak, but persistence is not proof that the valuation is sustainable.