In 1999, leading internet companies were not profitable; the lack of profit was offset by infrastructure investment in fiber optics. In 2026, leading AI companies are profitable, and infrastructure investment is driven by computing power demand. In 2026, a tight credit market and high interest rates after rate hikes will put downward pressure on valuations. Ant's IPO, which drained liquidity, led to a sharp drop in stock price, releasing risk on the spot. There's no bubble now. It's vastly different from 2000.