Looking at the picture and speaking, the chip stocks of 2026 vs the Nasdaq in 1999, the trends are indeed highly overlapping -

there are still differences in the market:

Bearish investors believe that the internet of 1999 and the AI of 2026 are highly isomorphic in market behavior: narrative dominance, valuation detachment, retail investors chasing rallies, media bombarding a single theme around the clock.

Bullish investors insist that the capital expenditure demand for AI is real, verifiable, and fundamentally different from internet companies of the past that burned huge amounts of money without a business model.

Position determines sentiment.

This expert from Goldman Sachs is anxiously ringing the alarm for a reason:

He shorted Nvidia at a price level of 170, and his position is almost gone... 😂

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