Dan Niles: AI Bubble Hasn't Peaked, Like Early Dot-Com Era; Healthy Pullback, Not Burst

• Dan Niles believes the AI market has not peaked, comparing its current phase to the early dot-com era of the late 1990s.
• He views recent market volatility as a healthy pullback, not a bubble burst, with the actual peak and shakeout still years away.
• Niles notes the AI buildout is only three years old, contrasting it with the six-year dot-com boom before its peak.
• He highlights NVIDIA's nine-and-a-half-fold revenue increase versus Cisco's fifteen-fold during the dot-com peak, suggesting AI still has growth potential.
• The market is shifting from broad optimism to discerning investment, focusing on companies with genuine, sustainable AI profits.

Why It Matters: AI market is in its early stages, not peaked, with healthy pullback and future growth potential.