Ask HN: Could AI be a dot com sized bubble?

AI hype has landed in the laps of retail investors and in general anyone passively investing as NVIDIA and Microsoft shares have risen and become part of major ETFs in the expectation that the AI-driven demand for their products will continue unabated. Other tech stocks seem to be seeing similar treatment around AI hype.

I do expect the current trajectory of generative models will eventually be incredibly important just like the internet was and is, but it seems there’s a lot of high expectations of how useful it can be in the near future with fuzzy ideas around business models like in the dot com era.

If these near future expectations don’t pan out, could companies slow down their R&D expenditures which are floating NVIDIA, Microsoft, et al and lead to a sizable stock market correction?