Jerome Powell says the AI bubble and the dot-com bust are different. He’s wrong.

I checked the data from FactSet: The most valuable companies on the Nasdaq at the peak of the bubble, at the end of February 2000, were tech giants Microsoft MSFT, Cisco Systems CSCO, Intel INTC, Sun Microsystems and Texas Instruments TXN. The top 100 on the Nasdaq was dominated by technology companies that were making IT infrastructure, and which had businesses, sales and earnings. The cliché of the time was that the dot-com era was like the California gold rush, and the people who were going to make the m ...