Guys, here's something interesting. The AI rally has pushed the Nasdaq-100 to 2.2x its level since ChatGPT launched. During the dot-com boom, the index had already reached 4.2x over a similar period.

But here's where things get interesting.

The S&P 500's Shiller P/E is now at 38.8x, getting very close to the dot-com record of 44.2x. Meanwhile, Nvidia trades at around 30x earnings compared to Cisco's 221x at its peak.

My take is simple. AI is a real revolution, but that doesn't mean every AI stock deserves its current price. Today's leading companies have real earnings, but investors are still pricing in huge expectations.

I believe the biggest risk isn't that AI fails. It's that investors expect too much, too soon. Even great companies can become bad investments when bought at the wrong price.

What do you think about this? Don't forget to comment 💭

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