Week of November 2, 2026
Recent volatility in artificial intelligence-related stocks, particularly semiconductor manufacturers and the major hyperscalers, has prompted comparisons to the dot-com bust of 1999–2000. While the parallels are understandable, there are important differences. Unlike many technology companies during that period, today’s leading AI businesses have substantial revenues, established earnings, and proven business models. While valuations and expectations may have gotten ahead of themselves, we view the current turbulence as a potential correction rather than the end of the longer-term technology investment cycle. Artificial intelligence remains a transformative force, and it is premature to conclude that the move in technology stocks has run its course. Our Signals remain unchanged.
Bob Bilkie, CFA
