Industrial: Compared to the dot-com bubble, where is the current AI market heading?

Industrial released a research report stating that history will not simply repeat itself, but there are often similarities worth learning from. Comparing the trends of the Nasdaq after the release of ChatGPT at the end of 2022 and Netscape at the end of 1994, it can be seen that this global AI market cycle has many similarities with the dot-com bubble in terms of its growth, slope, and pace. In comparison, this round of AI market corresponds to June 1998 (66% progress) in the time dimension of the dot-com bubble stage, and has achieved a 24% increase in space. Looking back at the evolution of the dot-com bubble, there were also many concerns similar to the present during the market process, including Alan Greenspan's warning of "irrational exuberance" in late 1996, and the Kosovo war in 1999 pushing up oil prices and inflation leading to the start of a tightening cycle by the Fed. However, these concerns regarding liquidity, emotions, etc., only caused short-term disturbances in the market and did not bring an end to a major industrial trend in the market. Even during the period when the Fed continuously raised interest rates, it was the phase with the fastest market slope and the craziest industrial investment sentiment, leaving behind a period of significant "tail market", with the core behind it being the confirmation that the industry's prosperity trend could still be validated. The bursting of the dot-com bubble in March-April 2000 essentially resulted from the confirmation that the leading companies' performance fell below expectations in the new financial reports, making it difficult to sustain the industry's prosperity. In summary, the Nasdaq market during the dot-com bubble period can be described as: the impact on the denominator (liquidity, risk appetite) often creates buying opportunities, while the numerator (profit, industry trend) determines the final endpoint.