Burton Malkiel on the AI revolution is different from the internet bubble of 2000

AI has the promise to make enormous advances in productivity and could be as important as the Industrial Revolution.  And if Nvidia grew its earnings at the rate expected by security analysts in 2024, it would be selling at only 33 times forward earnings.  No wonder its supporters consider it a cheap stock.  Nvidia today doesn't resemble Cisco in January 2000 [which sold at a triple-digit multiple of both trailing earnings and expected results for 2000].

~ Burton G. Malkiel, "Yes, Tech Stocks Really Can Keep Going Up," Barron's, March 9, 2024