This sort of reactionary post is a tiring as the motivating situation. Here's a big difference: aside from all the circular investments the companies at the root of AI have huge earnings and did so before the boom as well.It's convenient to say "Look at all these declines in the past month! The end is nigh!" - maybe expand your chart to 12 months or even 5 years. You can argue against Nvidia but if you do they've made you look foolish 3 pivots in a row. Are companies very expensive right now? Absolutely. Are there a lot of frothy valuations and looming failures? Probably - I think so. Is this just like the Internet bubble? Beyond the generic basics, no.

Most of them have big revenues; not earnings.