The AI revolution is three years in, and its rapid rise has sparked debates about whether we’re in a bubble comparable to the internet boom of the late '90s. The authors, both seasoned tech commentators, draw parallels between the current landscape and the past, noting that AI could represent the largest technology mania we've witnessed. They highlight staggering financial commitments, with global AI investments expected to exceed $600 billion this year and possibly reach $1.5 trillion by 2025. The speed of this growth is alarming, as the AI bubble has inflated in a shorter time frame than the internet bubble did. Despite some companies like NVIDIA reporting strong earnings, many tech stocks have taken significant hits recently. Microsoft, Amazon, Meta, and Oracle have seen declines between 12% and 24% in a single month. The authors emphasize that while AI stocks may not appear overvalued by traditional metrics, the context is troubling. The concentration of risk among a few major companies—Microsoft, Alphabet, Meta, and others—creates potential for contagion if any of them falter. They note that the current economic and political environment is far less stable than in the past, raising concerns about how external factors could impact the AI market. Moreover, the authors point out that the AI revolution is intertwined with national security, particularly given China's advancements in the field. Figures like Sam Altman of OpenAI and Sundar Pichai of Alphabet have acknowledged signs of excessive investment, suggesting that the excitement around AI mirrors the overzealousness of the internet boom. The impending question is when this cycle will end, especially as hundreds of billions in capital remain unspent, leaving the door open for both innovation and potential disaster.