We remember the internet bubble. AI mania feels very much like it.

The artificial intelligence revolution will be only three years old at the end of November. Think about that for a moment. In just 36 months AI has gone from great-new-toy, to global phenomenon, to where we are today – debating whether we are in one of the biggest technology bubbles or booms in modern times.

To us what’s happening is obvious. We both covered the internet bubble 25 years ago. We’ve been writing about – and in Om’s case investing in – technology since then. We can both say unequivocally that the conversations we are having now about the future of AI feel exactly like the conversations we had about the future of the internet in 1999.

We’re not only in a bubble but one that is arguably the biggest technology mania any of us have ever witnessed. We’re also months, not years, from the end of the party. We may be even closer than that. NVIDIA posted better than expected earnings on Wednesday. And it briefly looked like that would buoy all AI stocks. It didn’t.

All but Alphabet have seen big share declines in the past month. Microsoft is down 12 percent, Amazon is down 14 percent, Meta is down 22 percent, Oracle is down 24 percent, and Corweave’s stock has been almost cut in half, down 47 percent. Investors are increasingly worried that everyone is overspending on AI.

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