This is a fascinating visual on market breadth that I haven't seen before quite in this way.
While there are certainly better-quality earnings behind today's market dislocation versus that of the internet bubble years, I do wonder if someone's gain is someone else's pain.
Some of the rash of capital being plowed into AI initiatives today will be taking away from other corporate spending priorities. And, who says being early to this AI party is a wise strategy in the longer run? One thing I have learned over decades of watching this stuff is technology obsolescence happens faster than you expect and second-mover advantage sometimes wins, and wins big. Who knows if today's big winners will still lead tomorrow.
Food for thought...