I agree with you on all this. I am very much am a bull in most cases and am rarely bearish. I think AI from a profitability perspective is way over hyped though.

In my opinion, AI will get commoditized and the longterm earnings these companies will get is not going to be as high as people think.

If you look at the CAPEX that some of these companies are spending, a lot of their valuations do not make sense from a Free Cash Flow basis. The pullback in markets with the latest earnings did make sense to me but I think valuations are still stretched.

I’m not taking any bearish bets on these AI companies, but I’m being very skeptical in what I invest in right now if the company in question benefits at all from the AI trade.

Really good analogy to the dot.com bubble. I think you are right and we will see something similar when reality finally sinks in.