AI BOOM vs. Dot-com BUBBLE, on the same clock. The Nasdaq-100 has climbed to 2.2x its level since ChatGPT’s launch. However by July 1999, the same amount of time after Netscape’s IPO, the index had already reached 4.2x its starting level. On valuation, the gap is much narrower - The S&P 500 trades at 38.8x inflation-adjusted earnings averaged over 10 years, within striking distance of the dot-com record of 44.2x. Even the leaders are not priced alike: Nvidia is at 30x earnings versus 221x for Cisco (at their respective peaks). A milder Nasdaq boom, yet the broader market already is priced so close to its dot-com record. Chart credits: Curbstone research.