Had this same thought yesterday and I find it infinitely interesting as I was just a wee lad during the dot-com bubble. On a basic human level, risk management is out the window when possibilities start to get vested en masse and at face value. Friend of mine just got a $9mn check from a very well-known name in AI for the absolute dumbest piece of shit AI app I have ever witnessed. On the other hand, taking a look at big-picture credit risk, wonder if the collaborative effort of some of these leading companies (investing in infrastructure, integrating into the grid, investing in nuclear, consolidation also on the lender's side) is a result of lessons learned from dot-com? In other words, the leading AI companies are practically sharing everything except the models and physical data center buildings themselves, no? I wonder if this ecosystem is a sufficient hedge when the fat gets cut, or is it significantly more dangerous than dot-com, all else equal?