The Stock Market Doesn’t Look Like the Dot-Com Bubble. It’s Something Worse.

Everybody is talking about how tech stocks are acting—like they did in the dot-com bubble. The S&P 500 technology sector is up 80%—on AI, of course—since the low point of its bear market in late 2022. Tech’s heavy weighting in the S&P 500’s market value has pulled the benchmark index up 52% since its October 2022 low.