Tom Gardner

And that's what I want to talk about today.

There are a lot of parallels and worthy comparisons between what's happening in the market today and what happened 25 years ago with the incredible boom of internet stocks and the dot-com collapse.

Let's start with what's not comparable though.

So the first thing that's not comparable is companies are making investments that are either breakeven or profitable.

So this isn't a heavy infrastructure spend.

We had to lay down the price.

We had to build the internet.

AI is getting to ride on top of that infrastructure right now.

So mostly infrastructure companies are light companies like NVIDIA, right?

They're chips, right?

So we're not the heavy, heavy investments we saw to commercialize and bring the internet to households across the world.

That has been built.

So AI will be much more profitable.

The companies back 25 years ago, first of all, a lot of them were going public very quickly, right?

You would have a company created and five months later it would go public.

And money that was going into them was being spread across so many businesses.

You were diluting the quality of companies and you were putting a lot of retail investors at risk thinking this sounds exciting.

This could change the world.

But there wasn't enough talent.

There wasn't enough good commercial insight.