The analogy to the Dot Com bubble seems strong. Pretty much everything promised in the Dot Com bubble has come to pass. It just didn't come to pass on the time

The analogy to the Dot Com bubble seems strong. Pretty much everything promised in the Dot Com bubble has come to pass. It just didn't come to pass on the time frame the stock valuations implied. And given that the time value of money is an exponential process and not just a linear one, missing by 10-15 years is missing by a lot. I don't know that AI is going to miss in the same way by 15 years but I also don't see how it can possibly justify the promises implied by the current valuations and investments. A thing nobody wants to talk about is how quickly all the hardware that was so frantically purchased is depreciating, for instance. And even missing by 5 years with the exponential time value of money is still missing by a lot, although perhaps I won't italicize this particular "lot".