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This market is nothing like the dotcom bubble

Regardless of what happens in the next several years, AI is likely to pay off big for long-term investors

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    • The S&P 500 has delivered 16% a year over the past five years and 15% a year over 10 years, much of it driven by Big Tech and easily beating the index’s long-term average return of closer to 9% a year.
    • The S&P 500 has delivered 16% a year over the past five years and 15% a year over 10 years, much of it driven by Big Tech and easily beating the index’s long-term average return of closer to 9% a year. PHOTO: BLOOMBERG

    Nir Kaissar

    Published Mon, Oct 13, 2025 · 07:09 PM

    A LOT of people are watching this meteoric US stock market with amazement as it shakes off one worry after another – slowing labour market, sagging consumer sentiment, continuing trade uncertainty, geopolitical tensions and now a US government shutdown – on its way to new record highs.

    Some see a replay of the late 1990s Internet bubble, but this time fuelled by artificial intelligence (AI).

    Investors seem to be asking, in various ways, if this rally is overdone and, by implication, if the market is due a pullback. 

    Artificial IntelligenceFinancial marketsGlobal economyTechnology businesses

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