I agree. I don't think we've reached the same level of irrational exuberance that we saw during the dot-com era.

One difference is that AI is already creating real value today. Millions of people use AI tools every day, and many companies are integrating them into their workflows. During the dot-com boom, a lot of companies had little more than a website and a business plan.

That said, I do think expectations are becoming very high. The technology will likely continue to transform many industries, but not every company investing billions today will end up being a long-term winner. That's where I see the greatest risk.