The one thing you have going on right now that you didn't have during the internet build out, on January 30th you had the formalization of this thing called OpenClaw [a free, open-source, self-hosted autonomous AI personal assistant/agent], which really kicked off the whole agentic [AI] move by corporations. So Dan Nathan, instead of prior to that saying, "I'm going to ask ChatGPT a question, it's going to give me an answer" might go to ChatGPT and instead of asking, "Well, how did internet stocks perform in the late '90s?" you might go and ask ChatGPT, "Hey, go to Bloomberg, pull down data for all of these 20 internet companies, then go to the SEC website and go look at the 10-Ks and Qs, see if there were any writedowns, and then go and see what the news stories were at The Wall Street Journal, and then create a spreadsheet where I'm putting all of this data."
When you do that, that takes 10 to 100 times more tokens [basic units of text that the LLM reads, processes and generates; 100 tokens ≈ 75 words] and you can see that in the tokens being generated. And so you have this step function change in compute demand caused by that that started on January 30th. So I think you're going to see very strong demand for at least another year until you sort of anniversary that, and I think stocks continue to go higher because of that.
Do I think we're in a bubble? 100%. Do I think we're going to get a 30-50% drawdown at some point next year? Yes. But, do I think you can make a lot of money between now and then? I think the answer to that is also, yes.
~ Dan Niles, "We're 100% in a Bubble and Dan Niles is Still Buying," RiskReversal Media, 6:00 mark, May 29, 2026
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