$NVIDIA(NVDA.US)$Micron Tech(MU.US)$XL2CSOPHYNIX(07709.HK)$Alphabet - C(GOOG.US)$Microsoft(MSFT.US)

I used a large model to compare the current AI industry with the situation during the 2000 internet bubble.

The conclusion is that the current period is equivalent to 1997-1998 in the internet era, far from the time when the AI bubble is about to burst.

The reason is also simple: the current situation is identical to 1997-1998 in terms of performance-driven stock prices. When the internet bubble burst, stock prices were already driven by sentiment. For example, the P/E ratios of companies making switches and routers (equivalent to current storage) generally did not exceed 50x in 1997-1998, and stock prices couldn't keep up with earnings growth. By 1999-2000, P/E ratios had reached 200-300x. At that time, sentiment drove up stock prices, and people no longer looked at P/E ratios, but at price-to-sales ratios or even click-through rates!