Is today’s AI boom starting to feel like the dot-com era? In this episode, Jerry Davidse compares two “world-changing” moments: the launch of the modern internet (Netscape, December 1994) and the current AI surge that accelerated with ChatGPT in late 2022.

Back then, markets delivered incredible gains… yet the path wasn’t smooth. Excitement turned into overconfidence, valuations stretched, and investors learned a painful lesson: great technology doesn’t guarantee great investment results at any price. Jerry uses Cisco’s sky-high valuation near the 2000 peak as a reminder of what can happen when expectations outrun fundamentals.

Fast-forward to today: AI is transforming productivity and reshaping industries, but market leadership is concentrated and emotions are running high. History doesn’t say innovation is “bad”, it suggests volatil ...