Dot-com company

Yesterday's crypto and NFT evangelists are today's AI champions.

The AI bubble of 2025 is not a carbon copy of the dot-com bubble, yet the parallels are undeniable.

In software, you have an unprofitable first mover who has timing but no moat, and a swarm of VC-backed startups trying to colonize every market with the same platform.

In hardware, there's a shovel seller who's extracting billions selling a global dream and pushing infrastructure for demand that hasn't materialized.

NVIDIA is Sun Microsystems and Cisco combined.

Today's hyperscalers are Exodus Communications, spending billions to build capacity for a revolution with no viable unit economics.

In this Modern MBA episode, we deconstruct this house of cards that is the AI bubble, peel back the layers to expose the companies and fragile dependencies within this tech stack, and reveal why today's $500 billion frenzy is a near-identical echo of the dot-com bubble 30 years ago.

The dot-com bubble is significant not just because of its similarities to today's AI bubble, but also because of how it's shaped the tech sector as it exists today.