Deepwater's Gene Munster: We still have 3-5 years left in the AI trade

Core Viewpoint - The current AI investment landscape is drawing parallels to the dot-com bubble of the late 90s, with significant stock price increases driven by investor enthusiasm and speculation [1][7]. Investment Trends - Since the debut of GPT in November 2022, the NASDAQ has increased by 100%, significantly higher than the typical 25% increase expected over the same period [2]. - Major companies in the AI sector have seen substantial stock price increases, with Meta up 579%, Nvidia over 1,000%, and Oracle up 250% since the announcement of GPT [6][7]. Market Dynamics - The AI investment trend is still in its early stages, with the potential for further growth as more companies enter the public market [4][6]. - There is a belief that a new class of AI-first companies will emerge, potentially leading to the creation of numerous billion-dollar companies that are currently not well-known to investors [10][12]. Future Outlook - The impact of AI is expected to broaden beyond the current narrow focus, affecting a wider range of jobs and industries over the next few years [11][12]. - The conversation around the potential bursting of the AI bubble is seen as healthy for the market, suggesting that while there may be corrections, a spectacular crash is not anticipated [14].