The AI Bubble Everyone Keeps Warning You About Doesn’t Look Like What You Think

And The real winners in the AI buildout

Every time the S&P 500 hits a new record, the same people come out of the woodwork: “Dot-com 2.0. It’s 1999 all over again. Get out now.”

They’re not entirely wrong to be nervous. But they’re looking at the right data and drawing the wrong conclusions.

Here’s what’s actually happening — and what you should do about it.