Research firm Bespoke's chart compares the current AI investment frenzy with that of the turn of the century, and it's worth revisiting often.

Both bulls and bears can find what they need in it. Bears believe the AI bubble will eventually burst, as devastating as the dot-com bust. Bulls think there's still a long way to go before the bubble pops.

Here we need to introduce a chart from Alpine Macro: today's AI boom has a quality the dot-com bubble lacked—real earnings growth, not just P/E expansion.

During the dot-com bubble, P/E ratios soared while profits barely changed (right chart).

Today, EPS continues to grow while P/E ratios remain relatively stable (left chart).

This is a fundamental structural difference—today's model is more sustainable.