The AI rally looks like the dot-com bubble. The companies do not.

The Shiller cyclically adjusted price-to-earnings ratio for the S&P 500 stands at approximately 38 to 40, depending on the day you check. In 155 years of recorded data, the CAPE has been higher exactly once: March 2000, when it reached 44.19, one month before the Nasdaq began a decline that would erase 78% of its […]

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