As the AI gold rush accelerates, fears of a dotcom-style bubble loom large. With major players like Nvidia, Microsoft, and Amazon driving growth, the S&P 500 has become increasingly reliant on a handful of tech giants. The question remains: are we witnessing irrational exuberance, or is there genuine value in these investments? The current price-to-earnings ratios suggest caution. While Nvidia’s ratio has settled to a more reasonable 52 after soaring to 147, the overall market sentiment is still jittery.