Looking back at the last cycle that truly changed the productivity structure— The Nasdaq (blue line) from 1996–2003 surged a full 100% in the final 6 months before the bubble peaked. Note, this wasn’t the start of the bubble, but the phase where the bubble completed its self-validation. And now, the Nasdaq (white line) is following an eerily familiar path. In terms of price action, it has already entered the overlapping range of 1998–2000; In terms of narrative, it’s also built on a genuine productivity revolution; In terms of sentiment, the divergence is fading—skeptics are fewer, and everyone is moving toward default acceptance. So, are we standing in 1998 or 2000? If it’s 1998, it means there’s still a stretch of the most exhilarating, hardest-to-resist, yet most likely to destroy risk discipline rally ahead. If it’s 2000, then this is the bubble’s final lesson for the market.