In this week’s video insight, I explore the growing debate around whether AI stocks are in a bubble by revisiting a strikingly familiar research note published during the DotCom era in 1999. At the time, investors were told there were “good reasons to pay through the nose” for leading technology stocks because their growth and disruptive potential made “this time different.” Drawing on my own experience working through the DotCom bubble, I reflect on how speculative excess can continue far longer than expected before eventually unwinding, often with devastating consequences for investors. While today’s artificial intelligence (AI) leaders may have strong fundamentals, history reminds us that every bubble comes with a compelling narrative that sounds convincing in the moment.