This week’s chart compares today’s AI-driven rally with the late 1990s technology bubble. During the tech bubble (1996–2000), technology stock prices surged nearly 480%, while earnings grew only 79%, creating a sharp imbalance between prices and fundamentals. In contrast, AI-related stocks have returned 121% alongside earnings growth of 77%, showing fundamentals are far more aligned with valuations. This alignment suggests that, unlike the dot-com era, today’s gains appear supported by real profit growth—making the current trend potentially more sustainable, even as volatility remains part of the journey.