JPMorgan warns the AI boom resembles the Dot-Com era

JPMorgan is warning that parts of the current AI boom are beginning to resemble the Dot-Com Bubble.
The comparison does not mean AI itself is fake.
The dot-com era also produced real technological change, but valuations and capital spending eventually ran far ahead of near-term economics.
The same risk exists today if investors assume every AI company, data center project, and infrastructure buildout will generate strong returns.
For $QQQ and the broader AI trade, the key question is whether earnings can keep catching up with expectations.