This article examines why today’s AI boom resembles the dot-com bubble—soaring valuations, unprofitable companies, copy-cat entrants, and heavy speculation driven in part by infrastructure providers themselves. Drawing parallels from 1999 to now, Jerry Lawson argues that although an AI correction is inevitable, it won’t derail the long-term transformation AI will bring. The bubble will burst—but the technology will endure, and the real winners will emerge in the next wave.

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