As the Nasdaq records its longest winning streak in years, investors are left grappling with a trillion-dollar question: Are we witnessing an unstoppable AI supercycle, or the terrifying sequel to the 2000 Dot-Com crash? The answer lies not in the market hype, but in the hard data. While it's true that a 20% to 30% 'narrative premium' has inflated current valuations, today's semiconductor boom is anchored by something the historical bubbles lacked: real, unprecedented profits that are actually outpacing stock price gains