To The Moon

The surge in technology and artificial intelligence (AI) has generated comparisons to the exuberant late 1990s internet boom. Valuations are lofty. Headlines ask whether we’re in a bubble reminiscent of the Dot‑com bubble that peaked in March 2000. Yet while caution is warranted, the current wave differs in fundamental ways — and so do the implications. The challenge for investors is to distinguish between speculative excess and genuine structural transformation. The Case for Valuation Caution It’s undeniable: many valuation metrics are at historically elevated levels. For example: • Forward P/E and CAPE (cyclically-adjusted P/E) are near or above previous peaks.  • The largest tech companies now occupy a greater share of the market-cap than at the dot-com era’s peak.  • Large amounts of

The surge in technology and artificial intelligence (AI) has generated comparisons to the exuberant late 1990s internet boom. Valuations are lofty. Headlines ask whether we’re in a bubble reminiscent of the Dot‑com bubble that peaked in March 2000. Yet while caution is warranted, the current wave differs in fundamental ways — and so do the implications. The challenge for investors is to distinguish between speculative excess and genuine structural transformation. The Case for Valuation Caution It’s undeniable: many valuation metrics are at historically elevated levels. For example: • Forward P/E and CAPE (cyclically-adjusted P/E) are near or above previous peaks.  • The largest tech companies now occupy a greater share of the market-cap than at the dot-com era’s peak.  • Large amounts of