https://gemini.google.com/share/4bb777b86f42The research advances the thesis that the current surge in investment in artificial intelligence is a foundational platform shift and not a speculative bubble analogous to the dot-com collapse. It argues that the AI boom is an infrastructure-first, backend transformation, driven by profitable tech giants building essential components like specialized silicon, unlike the dot-com era, which was a frontend-focused consumer revolution built on fragile technology. The text contrasts the AI boom with the dot-com bust, detailing the latter's reliance on speculative capital and unsustainable business models, while citing the "cloud migration era" as a more accurate historical precedent for a successful, ROI-driven backend shift. Ultimately, the analysis concludes that AI's deep integration into core business processes and its anchoring by financially stable corporations provide a durable economic foundation that makes a systemic collapse improbable. The source further suggests that AI will catalyze significant GDP growth through massive capital expenditure and long-term productivity gains.

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