AI isn’t the dot-com bubble, but that won’t stop it from ending badly

Worries about an AI bubble have gone mainstream. From the pages of the New York Times to the trends on Google, people are looking at the stock market’s rapid rise, the ascension of companies such as CoreWeave and Palantir Technologies, and the circular dealmaking among Nvidia, OpenAI, and tech companies of all stripes to draw the conclusion that yes, yes, there is a speculative bubble. And when bubbles are bemoaned, you can bet that mentions of the dot-com boom and bust won’t be far behind.

For the…