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                    "See more of our coverage in your search results.\t\t\t\n\t\t\t\n\n\t\t\t\t\t\t\n\n\t\t\t\t\t\t\n\t\n\t\n\t\t\n\t\t\t\t\t\t\t\n\t\t\t\t\tFinancial data displays price trends and stock market trading activity on a trading screen in real time.\t\t\t\t\t\t\n\t\t\t\t\t\t\tfotofabrika - stock.adobe.com\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\n\t\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\n\n\nOn Jan. 1, 2000, the world got a reprieve from a much-hyped technological Armageddon when it turned out the Y2K crisis wasn\u2019t a crisis after all.\n\n\n\nStill, a real threat was looming if anyone paid attention to the stock market.\u00a0\n\n\n\nA new and life-changing business known as the internet, you will recall, was going to make us all rich, and not just the oligarchs behind the technology. \n\n\n\nDot-com stocks \u2014 even those of companies that weren\u2019t making money, and that means most of them \u2014 were also supposed to defy common sense and gravity.\u00a0\n\n\n\nWe were in a \u201cnew paradigm\u201d \u2014 the code word for the era\u2019s irrational exuberance in which emotion rather than metrics pushed stock valuations. \n\n\n\nAt the time, few people heeded warnings that not every business with that \u201cnew economy\u201d suffix was destined for greatness. \n\n\n\n\n\n\nIt didn\u2019t matter to masses of new investors who flooded the markets armed with the opinions of financial TV touts and newly invented discount brokerages as they kept buying with clicks on a computer screen.\n\n\n\nPeople with no real knowledge of Wall Street suddenly rivaled Warren Buffett for their acumen picking these no-lose stocks. \n\n\n\nIt was all the rage in financial media at the time, overwhelming the occasional Cassandras who just didn\u2019t get it.\u00a0\n\n\n\nThere\u2019s a glitch\u00a0\n\n\n\nThat is, until reality set in. \n\n\n\nIn March of that year, the historic stock run-up was exposed as one of history\u2019s great investment bubbles.\n\n\n\nMany of the business models of the companies in the middle of the frenzy and the subsequent collapse were outright insane; most just overvalued by the market. \n\n\n\nA precious few held real and tangible promise, but they too needed to survive the correction.\u00a0\n\n\n\nThe losses were staggering. \n\n\n\nA generation of investors were burned. \n\n\n\nThe tech market took years to recover from the fallout.\u00a0\n\n\n\nHistory, I\u2019m afraid to say, does repeat itself when it comes to market manias. \n\n\n\nThat\u2019s why our current mania involving all things AI will almost certainly follow the same trajectory with investor losses to follow.\u00a0\n\n\n\nExactly what prompted the internet mood shift back in the day \u2014 and what will spark the coming artificial intelligence 180 \u2014 is hard to pinpoint. \n\n\n\n\n\t\t\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tCharlie Gasparino has his finger on the pulse of where business, politics and finance meet\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tSign up to receive On The Money by Charlie Gasparino in your inbox every Thursday.\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\tThanks for signing up!\t\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\n\n\n\nThe most likely culprit: the collective instincts of the smart money of hedge funds and institutions that do their own research and filter out TV touts as opposed to the faux Buffetts who don\u2019t. \n\n\n\nAs they did back during the dot-com mania, these investors are now sensing that something isn\u2019t quite right with AI, the data and the Wall Street sales machine. \n\n\n\nThen as now, big investors began to take profits and then more.\u00a0\n\n\n\nWhen the market crashed back in 2000 it was not just speculative stuff like promises of a Pets.com becoming the next Microsoft.\n\n\n\nThe aforementioned tech giant got swept up in the mood shift as well, as did just about any public company that was tied to this revolutionary business. \n\n\n\nScary stuff for small investors who dived into the market and never looked back until they lost everything \u2014 and many did. \n\n\n\nWhat\u2019s even scarier is that most investors either don\u2019t remember those crazy days or are blissfully ignorant of the past as they weigh what\u2019s up with AI and want to be part of the hype.\u00a0\n\n\n\nDon\u2019t get greedy\u00a0\n\n\n\nThe AI hype is so similar to the dot-com hype it\u2019s almost breathtaking. \n\n\n\n\nThe sales pitch is nearly the same: groundbreaking stuff (which is true) that all investors, not just the oligarchs, will get rich from (which really isn\u2019t). It may be true someday, though if history is any guide, that day is far off and getting there will be messy.\u00a0\n\n\n\nI can\u2019t tell you whether last week\u2019s market ructions \u2014 spiking rates after a bad inflation report then a selloff in AI stocks \u2014 is the herd making its final statement on AI by rearing its ugly head as it did back in 2000.\u00a0\n\n\n\n\n\n\n\nThere might be more froth to come; IPOs by hyperscalers like Anthropic and possibly OpenAI could hit in the coming weeks and months. \n\n\n\nBut common sense and history teaches us it won\u2019t last.\u00a0\n\n\n\nInterest rates will increase because AI is in competition with the massive borrowing needs of the federal government. \n\n\n\nThe correction is coming to AI and all the companies tapping into its technology through big spending, much of it using debt, the main ingredient of any crash.\u00a0\n\n\n\nIf history is any guide, it\u2019s time to take your profits and not get greedy \u2014 or pray that whichever AI you\u2019re betting on will be a survivor of the crash that\u2019s coming."
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