Having sat thru the dot com bubble and bust, this is very similar. I think the easier analogy is search rather than all the ecommerce that had no revenue. Sea

Having sat thru the dot com bubble and bust, this is very similar. I think the easier analogy is search rather than all the ecommerce that had no revenue. Search and generative AI are eerily similar in my eyes. Most of the best (aka higher quality) responses from ChatGPT are when it is assembling "answers" to things it is just looking up. I remember when a ton of companies were touting their "search" or being adjacent to search, selling search engines, etc. At some point the tide will go out for companies doing BS "AI" and the capital will have a $0 ROI. Some of this will have downstream effects on underlying APIs and hardware companies much like the dot com era had impacts on companies like Cisco. There will be major players that come out of this with transformative tech that will be useful. Tech stocks has always had a larger risk than traditional companies so there could be corrections but in general its not like MSFT is going to go bankrupt. Investing in ETFs should insulate against any single company fails. I would be wary of startups promising equity and some IPO, take over the world type of thing, etc.