The human technological revolution and stock market crashes—history keeps repeating itself: 1873: The Railroad Bubble The bankruptcy of Jay Cooke & Company triggered the U.S. 'Long Depression.' 1929: The Radio Bubble Stock market crash, Dow Jones lost 90% in three years. 2000: The Internet Bubble NASDAQ tripled in 18 months, then crashed, dropping 77% by 2002. 2026: The AI Bubble? The Big Seven's capital expenditures exceed $700 billion, but free cash flow has started turning negative. Pattern: Every technological revolution has a phase where the 'narrative' precedes 'profitability.' Railroads had 'connecting the continent,' radio had 'a new era,' the internet had 'changing everything,' and AI has 'superintelligence.' Bubbles don’t burst when the technology fails. They burst when the technology succeeds, but profits can’t keep up with valuations. In 2026, where will AI's narrative take us?