If AI capital expenditure really reaches $700 billion by 2026, but so far most AI applications still lack a clear path to profitability, and companies have to rely on issuing bonds and cutting shareholder buybacks to raise funds, do you think the U.S. stock market will repeat the 2000 dot-com bubble? Or is this time truly 'different,' with AI bringing a substantial productivity boom that will support continued valuation expansion?

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