I want to remind everyone here that Cisco in 1993 was $1, right before the dotcom boom. It peaked at $77 or 77x higher in March 2000 with a 200 P/E ratio. Nvidia is at 50 right now.

After the bubble burst, Cisco was at $17 in 2001, still 17x higher than before the boom and 2x 1997.

Is AI bubble peak? Is it 2000 or is it only 1997? The difference is immense.

The point here is that AI valuation can grow multiples more from here. And even after it bursts, it may still be bigger than in 2025.