🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 39 (from laksa137)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa039.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical, ml_categories_json AS ml_categories_json, ml_types_json AS ml_types_json, ml_intent_types_json AS ml_intent_types_json, meta_language AS meta_language, attrs_author AS attrs_author, ifNull(toUnixTimestamp(attrs_publish_time), 0) AS attrs_publish_time, ifNull(toUnixTimestamp(attrs_original_publish_time), 0) AS attrs_original_publish_time, ifNull(attrs_is_republished, 0) AS attrs_is_republished, ifNull(attrs_nr_words, 0) AS attrs_nr_words, ifNull(attrs_boilerpipe_nr_words, 0) AS attrs_boilerpipe_nr_words, ifNull(body_ext_links_number, 0) AS body_ext_links_number, ifNull(body_int_links_number, 0) AS body_int_links_number, ifNull(meta_nofollow, 0) AS meta_nofollow, ifNull(meta_noarchive, 0) AS meta_noarchive, ifNull(props_was_rendered, 0) AS props_was_rendered, ifNull(src_redirect, \'\') AS src_redirect, ifNull(download_time_msec, 0) AS download_time_msec, ifNull(download_ttfb_msec, 0) AS download_ttfb_msec, ifNull(download_size, 0) AS download_size FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.ubs.com/global/en/wealthmanagement/insights/marketnews/article.2581859.html\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.ubs.com/global/en/wealthmanagement/insights/marketnews/article.2581859.html\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.ubs.com\/global\/en\/wealthmanagement\/insights\/marketnews\/article.2581859.html","crawl_time":1776348960,"first_indexed_time":1757164851,"http_code":200,"src_unparsed":"com,ubs!www,\/global\/en\/wealthmanagement\/insights\/marketnews\/article.2581859.html s443","src_root_hash":"2611203480840518839","history_drop_reason":null,"meta_title":"Are we facing an AI bubble? | UBS Global","meta_descriptions":["NVIDIA's current dominance in the stock market reflects pronounced optimism about artificial intelligence (AI), but also evokes uneasy memories of the dot-com bubble. However, today’s technology giants differ from their predecessors thanks to solid earnings growth and lower valuations. There is little evidence of a market bubble at present, and we would look to benefit from AI-driven momentum in the stock market with a broadly diversified portfolio. Diversification is especially important amid heightened political and economic risks, as it provides a cushion during potential setbacks."],"attrs_boilerpipe_text":"Until recently, investors were primarily focused on the US labor market report or the decisions of major central banks. Now, however, another event is beginning to rival the traditional highlights of the financial market calendar: the release of quarterly results by the technology company NVIDIA.\nLast week, NVIDIA announced its results for the second quarter. The technology company reported revenue growth of 56% over the last 12 months. Nevertheless, the company’s stock subsequently lost ground. NVIDIA now accounts for 8% of the US equity market. The \"Magnificent Seven,\" which refers to the seven dominant US tech companies, make up 35% of the market. This underscores the optimism surrounding artificial intelligence.\nFor those who followed the financial markets at the turn of the millennium, this may evoke memories of the dot-com bubble. The spread of the internet at that time sparked hopes for a \"new economy\" characterized by high productivity gains. This led to hype around internet companies and ultimately to a speculative bubble, which burst in 2000 and resulted in massive stock market losses.\nThis inevitably raises the question: Are we facing an AI bubble?\nToday, there are indeed parallels, but also clear differences compared to the situation 25 years ago. Individual stocks are experiencing the same meteoric price increases as the shares of the dot-com era. However, today’s rally is supported by significantly higher earnings growth. The price-earnings ratio (P\/E) of today’s technology giants is also much lower than that of the market leaders at the peak of the dot-com bubble. In 1999, Microsoft, Cisco, Lucent, Nortel, and AOL had an average P\/E ratio—based on expected earnings—of 82x. This is significantly higher than the 28x of the \"Magnificent Seven\" over the past 12 months. In our view, there is little to suggest that the markets are currently in a bubble.\nMoreover, a typical cause of a bubble bursting is higher interest rates. During the dot-com era, the US Federal Reserve raised key interest rates by 1.75 percentage points between June 1999 and May 2000, which triggered the crash. The current monetary policy environment is very different from back then. We expect the Fed to lower key interest rates by around 1 percentage point in the coming months.\nAI has the potential to fundamentally transform the economy and markets, generating growth for which investors, with broadly diversified portfolios, can participate. Those who are not yet engaged in the market can use any setbacks as an opportunity to gain exposure.\nNevertheless, the risks should not be underestimated. In 2000, investment cutbacks, overcapacity, and disappointing profits triggered a loss of confidence in the “New Economy.” In the case of AI stocks, there is also a short-term risk of over-investment and misallocation. In addition, there are currently political and economic risks. This makes diversification essential to cushion any setbacks.\nGood to know:\nThe price-earnings ratio (P\/E ratio) indicates how much investors pay (“price”) for the current or estimated net profit per share (“earnings”) of a company and is usually expressed as a multiple of earnings. For example, 15x means that the share price is 15 times the earnings. A low P\/E ratio can be a starting point for identifying potentially undervalued stocks, while a high P\/E ratio might suggest a stock is overvalued. Comparing the P\/E ratios of stocks from different sectors or companies with varying profit growth is difficult, which is why the P\/E ratio is often used to determine whether a stock (or a sector or region) is cheap or expensive compared to its own history.\nDisclaimer","attrs_markdown":"![](https:\/\/secure.ubs.com\/etc\/designs\/fit\/img\/blank.gif)\n\n## Skip Links\n[Content Area](https:\/\/www.ubs.com\/global\/en\/wealthmanagement\/insights\/marketnews\/article.2581859.html#main)  [Main Navigation](https:\/\/www.ubs.com\/global\/en\/wealthmanagement\/insights\/marketnews\/article.2581859.html#mainnavigation)\n\n[![UBS logo, to home page](https:\/\/www.ubs.com\/etc\/designs\/fit\/img\/UBS_Logo_Semibold.svg)](https:\/\/www.ubs.com\/global\/en.html)\n\n[Global Wealth Management](https:\/\/www.ubs.com\/global\/en\/wealthmanagement.html \"Wealth Management\")\n\n## Additional language and service options\n- [Locations](https:\/\/www.ubs.com\/locations)\n\n- Client logins\n  [Client logins](https:\/\/www.ubs.com\/global\/en\/ubs-logins\/ubs-logins-mobile.html)\n  ### Choose your login\n  [More logins](https:\/\/www.ubs.com\/global\/en\/ubs-logins\/ubs-logins-mobile.html)\n  \n  - 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Reasons for declaring the story as outdated may be a change of view regarding the topic discussed in this article or because the topic is currently not being monitored anymore.\n\n# CIO Essentials - Markets at a glance  Are we facing an AI bubble?\nNVIDIA's current dominance in the stock market reflects pronounced optimism about artificial intelligence (AI), but also evokes uneasy memories of the dot-com bubble. However, today’s technology giants differ from their predecessors thanks to solid earnings growth and lower valuations. There is little evidence of a market bubble at present, and we would look to benefit from AI-driven momentum in the stock market with a broadly diversified portfolio. Diversification is especially important amid heightened political and economic risks, as it provides a cushion during potential setbacks.\n\nby Alessandro Bee 04 Sep 2025\n\n[![](https:\/\/www.ubs.com\/cioresearch\/25\/81\/85\/9\/2581859\/en\/image.2131863874.img\/2581859.png)]()\n\nUntil recently, investors were primarily focused on the US labor market report or the decisions of major central banks. Now, however, another event is beginning to rival the traditional highlights of the financial market calendar: the release of quarterly results by the technology company NVIDIA.\n\nLast week, NVIDIA announced its results for the second quarter. The technology company reported revenue growth of 56% over the last 12 months. Nevertheless, the company’s stock subsequently lost ground. NVIDIA now accounts for 8% of the US equity market. The \"Magnificent Seven,\" which refers to the seven dominant US tech companies, make up 35% of the market. This underscores the optimism surrounding artificial intelligence.\n\nFor those who followed the financial markets at the turn of the millennium, this may evoke memories of the dot-com bubble. The spread of the internet at that time sparked hopes for a \"new economy\" characterized by high productivity gains. This led to hype around internet companies and ultimately to a speculative bubble, which burst in 2000 and resulted in massive stock market losses.  \n This inevitably raises the question: Are we facing an AI bubble?\n\nToday, there are indeed parallels, but also clear differences compared to the situation 25 years ago. Individual stocks are experiencing the same meteoric price increases as the shares of the dot-com era. However, today’s rally is supported by significantly higher earnings growth. The price-earnings ratio (P\/E) of today’s technology giants is also much lower than that of the market leaders at the peak of the dot-com bubble. In 1999, Microsoft, Cisco, Lucent, Nortel, and AOL had an average P\/E ratio—based on expected earnings—of 82x. This is significantly higher than the 28x of the \"Magnificent Seven\" over the past 12 months. In our view, there is little to suggest that the markets are currently in a bubble.\n\nMoreover, a typical cause of a bubble bursting is higher interest rates. During the dot-com era, the US Federal Reserve raised key interest rates by 1.75 percentage points between June 1999 and May 2000, which triggered the crash. The current monetary policy environment is very different from back then. We expect the Fed to lower key interest rates by around 1 percentage point in the coming months.\n\nAI has the potential to fundamentally transform the economy and markets, generating growth for which investors, with broadly diversified portfolios, can participate. Those who are not yet engaged in the market can use any setbacks as an opportunity to gain exposure.\n\nNevertheless, the risks should not be underestimated. In 2000, investment cutbacks, overcapacity, and disappointing profits triggered a loss of confidence in the “New Economy.” In the case of AI stocks, there is also a short-term risk of over-investment and misallocation. In addition, there are currently political and economic risks. This makes diversification essential to cushion any setbacks.\n\nGood to know:  \n The price-earnings ratio (P\/E ratio) indicates how much investors pay (“price”) for the current or estimated net profit per share (“earnings”) of a company and is usually expressed as a multiple of earnings. For example, 15x means that the share price is 15 times the earnings. A low P\/E ratio can be a starting point for identifying potentially undervalued stocks, while a high P\/E ratio might suggest a stock is overvalued. Comparing the P\/E ratios of stocks from different sectors or companies with varying profit growth is difficult, which is why the P\/E ratio is often used to determine whether a stock (or a sector or region) is cheap or expensive compared to its own history.\n\n[Disclaimer](https:\/\/secure.ubs.com\/global\/en\/wealthmanagement\/insights\/chief-investment-office\/disclaimer.html)\n\n## At a glance\n- The pronounced optimism in equity markets about artificial intelligence (AI) recalls the dot-com bubble that burst 25 years ago.\n- But there are clear differences: Today’s stock valuations of technology giants are significantly lower than those at the start of the 2000s, and profit growth is higher. This suggests little evidence of a market bubble. In addition, the Fed is likely to cut key interest rates now, whereas back then it triggered the bubble’s burst by raising them.\n- Exposure to AI-driven momentum in equity markets is best achieved through a broadly diversified portfolio. This is especially important given heightened political and economic risks.\n\n### Tags\n- Liquidity\n- Switzerland\n\n### Download\n- [Download this article as PDFDownload article (PDF)![](https:\/\/www.ubs.com\/etc\/designs\/fit\/img\/svg\/ico_pdf.svg)](https:\/\/www.ubs.com\/global\/en\/wealthmanagement\/insights\/marketnews\/article\/_jcr_content.1246535859.file\/PS9jb250ZW50L2RhbS9pbXBvcnRlZC9jaW9yZXNlYXJjaC9wZGYvMjUvODEvODUvOS8yNTgxODU5L2VuLzI1ODE4NTkucGRm\/2581859.pdf)\n\nYou are here:\n\n- [Global](https:\/\/www.ubs.com\/global\/en.html)\n- [Global Wealth Management](https:\/\/www.ubs.com\/global\/en\/wealthmanagement.html)\n- [Insights](https:\/\/www.ubs.com\/global\/en\/wealthmanagement\/insights.html)\n- [Are we facing an AI bubble?](https:\/\/www.ubs.com\/global\/en\/wealthmanagement\/insights\/marketnews\/article.2581859.html)\n\n[Back to top](https:\/\/www.ubs.com\/global\/en\/wealthmanagement\/insights\/marketnews\/article.2581859.html#doc)\n\n## Footer Navigation\nChange your domicile Global\n\n### Explore UBS.com\n- Explore UBS.com\n- [Asset Management](https:\/\/www.ubs.com\/global\/en\/assetmanagement.html)\n- [Investment Bank](https:\/\/www.ubs.com\/global\/en\/investment-bank.html)\n- [Global Wealth Management](https:\/\/www.ubs.com\/global\/en\/wealthmanagement.html)\n- [Our firm](https:\/\/www.ubs.com\/global\/en\/our-firm.html)\n- [Careers](https:\/\/www.ubs.com\/global\/en\/careers.html)\n- [Investor Relations](https:\/\/www.ubs.com\/global\/en\/investor-relations.html)\n- [Locations](https:\/\/www.ubs.com\/locations)\n- [Media](https:\/\/www.ubs.com\/global\/en\/media.html)\n\n- [Information on UBS](https:\/\/www.ubs.com\/global\/en\/legal\/info-on-ubs.html)\n- [Terms of use](https:\/\/www.ubs.com\/global\/en\/legal\/disclaimer.html)\n- [Privacy statement](https:\/\/www.ubs.com\/global\/en\/legal\/privacy.html)\n- [Report fraudulent mail](https:\/\/www.ubs.com\/global\/en\/our-firm\/cybersafe\/phishing.html)\n- [Go to privacy settings]()\n\n### Legal Information\nThe products, services, information and\/or materials contained within these web pages may not be available for residents of certain jurisdictions. Please consult the sales restrictions relating to the products or services in question for further information.\n\nCopying, editing, modifying, distributing, sharing, linking or any other use (whether for commercial purposes or otherwise) of this material, other than personal viewing, without UBS's prior written permission is strictly prohibited.\n\n[CIO research disclaimer](https:\/\/secure.ubs.com\/global\/en\/wealthmanagement\/insights\/chief-investment-office\/disclaimers\/disclaimer.html)\n\n© UBS 1998 - 2026. All rights reserved.","attrs_readable_markdown":"Until recently, investors were primarily focused on the US labor market report or the decisions of major central banks. Now, however, another event is beginning to rival the traditional highlights of the financial market calendar: the release of quarterly results by the technology company NVIDIA.\n\nLast week, NVIDIA announced its results for the second quarter. The technology company reported revenue growth of 56% over the last 12 months. Nevertheless, the company’s stock subsequently lost ground. NVIDIA now accounts for 8% of the US equity market. The \"Magnificent Seven,\" which refers to the seven dominant US tech companies, make up 35% of the market. This underscores the optimism surrounding artificial intelligence.\n\nFor those who followed the financial markets at the turn of the millennium, this may evoke memories of the dot-com bubble. The spread of the internet at that time sparked hopes for a \"new economy\" characterized by high productivity gains. This led to hype around internet companies and ultimately to a speculative bubble, which burst in 2000 and resulted in massive stock market losses.  \n This inevitably raises the question: Are we facing an AI bubble?\n\nToday, there are indeed parallels, but also clear differences compared to the situation 25 years ago. Individual stocks are experiencing the same meteoric price increases as the shares of the dot-com era. However, today’s rally is supported by significantly higher earnings growth. The price-earnings ratio (P\/E) of today’s technology giants is also much lower than that of the market leaders at the peak of the dot-com bubble. In 1999, Microsoft, Cisco, Lucent, Nortel, and AOL had an average P\/E ratio—based on expected earnings—of 82x. This is significantly higher than the 28x of the \"Magnificent Seven\" over the past 12 months. In our view, there is little to suggest that the markets are currently in a bubble.\n\nMoreover, a typical cause of a bubble bursting is higher interest rates. During the dot-com era, the US Federal Reserve raised key interest rates by 1.75 percentage points between June 1999 and May 2000, which triggered the crash. The current monetary policy environment is very different from back then. We expect the Fed to lower key interest rates by around 1 percentage point in the coming months.\n\nAI has the potential to fundamentally transform the economy and markets, generating growth for which investors, with broadly diversified portfolios, can participate. Those who are not yet engaged in the market can use any setbacks as an opportunity to gain exposure.\n\nNevertheless, the risks should not be underestimated. In 2000, investment cutbacks, overcapacity, and disappointing profits triggered a loss of confidence in the “New Economy.” In the case of AI stocks, there is also a short-term risk of over-investment and misallocation. In addition, there are currently political and economic risks. This makes diversification essential to cushion any setbacks.\n\nGood to know:  \n The price-earnings ratio (P\/E ratio) indicates how much investors pay (“price”) for the current or estimated net profit per share (“earnings”) of a company and is usually expressed as a multiple of earnings. For example, 15x means that the share price is 15 times the earnings. A low P\/E ratio can be a starting point for identifying potentially undervalued stocks, while a high P\/E ratio might suggest a stock is overvalued. Comparing the P\/E ratios of stocks from different sectors or companies with varying profit growth is difficult, which is why the P\/E ratio is often used to determine whether a stock (or a sector or region) is cheap or expensive compared to its own history.\n\n[Disclaimer](https:\/\/secure.ubs.com\/global\/en\/wealthmanagement\/insights\/chief-investment-office\/disclaimer.html)","meta_canonical":null,"ml_categories_json":"{\"\/Finance\":990,\"\/Finance\/Investing\":981,\"\/Finance\/Investing\/Stocks_and_Bonds\":947,\"\/Computers_and_Electronics\":196,\"\/Computers_and_Electronics\/Software\":179,\"\/Computers_and_Electronics\/Software\/Business_and_Productivity_Software\":121}","ml_types_json":"{\"\/Article\":997,\"\/Article\/Opinion_Piece\":880}","ml_intent_types_json":"{\"Informational\":993,\"Commercial\":100}","meta_language":"en","attrs_author":null,"attrs_publish_time":0,"attrs_original_publish_time":1757164851,"attrs_is_republished":0,"attrs_nr_words":"1146","attrs_boilerpipe_nr_words":"586","body_ext_links_number":0,"body_int_links_number":51,"meta_nofollow":0,"meta_noarchive":0,"props_was_rendered":0,"src_redirect":"","download_time_msec":373,"download_ttfb_msec":371,"download_size":15539}

3. Robots.txt Check

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Response:

4. Spam/Ban Check

Query:

Response:

5. Seen Status Check

ℹ️ Skipped - page is already crawled

📄

INDEXABLE

✅

CRAWLED

6 days ago

🤖

ROBOTS ALLOWED

Page Info Filters

Filter	Status	Condition	Details
HTTP status	PASS	`download_http_code = 200`	HTTP 200
Age cutoff	PASS	`download_stamp > now() - 6 MONTH`	0.2 months ago
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Canonical	PASS	`meta_canonical IS NULL OR = '' OR = src_unparsed`	Not set

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https://www.ubs.com/global/en/wealthmanagement/insights/marketnews/article.2581859.html

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Are we facing an AI bubble? | UBS Global

Meta Description

NVIDIA's current dominance in the stock market reflects pronounced optimism about artificial intelligence (AI), but also evokes uneasy memories of the dot-com bubble. However, today’s technology giants differ from their predecessors thanks to solid earnings growth and lower valuations. There is little evidence of a market bubble at present, and we would look to benefit from AI-driven momentum in the stock market with a broadly diversified portfolio. Diversification is especially important amid heightened political and economic risks, as it provides a cushion during potential setbacks.

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Until recently, investors were primarily focused on the US labor market report or the decisions of major central banks. Now, however, another event is beginning to rival the traditional highlights of the financial market calendar: the release of quarterly results by the technology company NVIDIA. Last week, NVIDIA announced its results for the second quarter. The technology company reported revenue growth of 56% over the last 12 months. Nevertheless, the company’s stock subsequently lost ground. NVIDIA now accounts for 8% of the US equity market. The "Magnificent Seven," which refers to the seven dominant US tech companies, make up 35% of the market. This underscores the optimism surrounding artificial intelligence. For those who followed the financial markets at the turn of the millennium, this may evoke memories of the dot-com bubble. The spread of the internet at that time sparked hopes for a "new economy" characterized by high productivity gains. This led to hype around internet companies and ultimately to a speculative bubble, which burst in 2000 and resulted in massive stock market losses. This inevitably raises the question: Are we facing an AI bubble? Today, there are indeed parallels, but also clear differences compared to the situation 25 years ago. Individual stocks are experiencing the same meteoric price increases as the shares of the dot-com era. However, today’s rally is supported by significantly higher earnings growth. The price-earnings ratio (P/E) of today’s technology giants is also much lower than that of the market leaders at the peak of the dot-com bubble. In 1999, Microsoft, Cisco, Lucent, Nortel, and AOL had an average P/E ratio—based on expected earnings—of 82x. This is significantly higher than the 28x of the "Magnificent Seven" over the past 12 months. In our view, there is little to suggest that the markets are currently in a bubble. Moreover, a typical cause of a bubble bursting is higher interest rates. During the dot-com era, the US Federal Reserve raised key interest rates by 1.75 percentage points between June 1999 and May 2000, which triggered the crash. The current monetary policy environment is very different from back then. We expect the Fed to lower key interest rates by around 1 percentage point in the coming months. AI has the potential to fundamentally transform the economy and markets, generating growth for which investors, with broadly diversified portfolios, can participate. Those who are not yet engaged in the market can use any setbacks as an opportunity to gain exposure. Nevertheless, the risks should not be underestimated. In 2000, investment cutbacks, overcapacity, and disappointing profits triggered a loss of confidence in the “New Economy.” In the case of AI stocks, there is also a short-term risk of over-investment and misallocation. In addition, there are currently political and economic risks. This makes diversification essential to cushion any setbacks. Good to know: The price-earnings ratio (P/E ratio) indicates how much investors pay (“price”) for the current or estimated net profit per share (“earnings”) of a company and is usually expressed as a multiple of earnings. For example, 15x means that the share price is 15 times the earnings. A low P/E ratio can be a starting point for identifying potentially undervalued stocks, while a high P/E ratio might suggest a stock is overvalued. Comparing the P/E ratios of stocks from different sectors or companies with varying profit growth is difficult, which is why the P/E ratio is often used to determine whether a stock (or a sector or region) is cheap or expensive compared to its own history. Disclaimer

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Reasons for declaring the story as outdated may be a change of view regarding the topic discussed in this article or because the topic is currently not being monitored anymore. # CIO Essentials - Markets at a glance Are we facing an AI bubble? NVIDIA's current dominance in the stock market reflects pronounced optimism about artificial intelligence (AI), but also evokes uneasy memories of the dot-com bubble. However, today’s technology giants differ from their predecessors thanks to solid earnings growth and lower valuations. There is little evidence of a market bubble at present, and we would look to benefit from AI-driven momentum in the stock market with a broadly diversified portfolio. Diversification is especially important amid heightened political and economic risks, as it provides a cushion during potential setbacks. by Alessandro Bee 04 Sep 2025 [![](https://www.ubs.com/cioresearch/25/81/85/9/2581859/en/image.2131863874.img/2581859.png)]() Until recently, investors were primarily focused on the US labor market report or the decisions of major central banks. Now, however, another event is beginning to rival the traditional highlights of the financial market calendar: the release of quarterly results by the technology company NVIDIA. Last week, NVIDIA announced its results for the second quarter. The technology company reported revenue growth of 56% over the last 12 months. Nevertheless, the company’s stock subsequently lost ground. NVIDIA now accounts for 8% of the US equity market. The "Magnificent Seven," which refers to the seven dominant US tech companies, make up 35% of the market. This underscores the optimism surrounding artificial intelligence. For those who followed the financial markets at the turn of the millennium, this may evoke memories of the dot-com bubble. The spread of the internet at that time sparked hopes for a "new economy" characterized by high productivity gains. This led to hype around internet companies and ultimately to a speculative bubble, which burst in 2000 and resulted in massive stock market losses. This inevitably raises the question: Are we facing an AI bubble? Today, there are indeed parallels, but also clear differences compared to the situation 25 years ago. Individual stocks are experiencing the same meteoric price increases as the shares of the dot-com era. However, today’s rally is supported by significantly higher earnings growth. The price-earnings ratio (P/E) of today’s technology giants is also much lower than that of the market leaders at the peak of the dot-com bubble. In 1999, Microsoft, Cisco, Lucent, Nortel, and AOL had an average P/E ratio—based on expected earnings—of 82x. This is significantly higher than the 28x of the "Magnificent Seven" over the past 12 months. In our view, there is little to suggest that the markets are currently in a bubble. Moreover, a typical cause of a bubble bursting is higher interest rates. During the dot-com era, the US Federal Reserve raised key interest rates by 1.75 percentage points between June 1999 and May 2000, which triggered the crash. The current monetary policy environment is very different from back then. We expect the Fed to lower key interest rates by around 1 percentage point in the coming months. AI has the potential to fundamentally transform the economy and markets, generating growth for which investors, with broadly diversified portfolios, can participate. Those who are not yet engaged in the market can use any setbacks as an opportunity to gain exposure. Nevertheless, the risks should not be underestimated. In 2000, investment cutbacks, overcapacity, and disappointing profits triggered a loss of confidence in the “New Economy.” In the case of AI stocks, there is also a short-term risk of over-investment and misallocation. In addition, there are currently political and economic risks. This makes diversification essential to cushion any setbacks. Good to know: The price-earnings ratio (P/E ratio) indicates how much investors pay (“price”) for the current or estimated net profit per share (“earnings”) of a company and is usually expressed as a multiple of earnings. For example, 15x means that the share price is 15 times the earnings. A low P/E ratio can be a starting point for identifying potentially undervalued stocks, while a high P/E ratio might suggest a stock is overvalued. Comparing the P/E ratios of stocks from different sectors or companies with varying profit growth is difficult, which is why the P/E ratio is often used to determine whether a stock (or a sector or region) is cheap or expensive compared to its own history. [Disclaimer](https://secure.ubs.com/global/en/wealthmanagement/insights/chief-investment-office/disclaimer.html) ## At a glance - The pronounced optimism in equity markets about artificial intelligence (AI) recalls the dot-com bubble that burst 25 years ago. - But there are clear differences: Today’s stock valuations of technology giants are significantly lower than those at the start of the 2000s, and profit growth is higher. This suggests little evidence of a market bubble. In addition, the Fed is likely to cut key interest rates now, whereas back then it triggered the bubble’s burst by raising them. - Exposure to AI-driven momentum in equity markets is best achieved through a broadly diversified portfolio. This is especially important given heightened political and economic risks. ### Tags - Liquidity - Switzerland ### Download - [Download this article as PDFDownload article (PDF)![](https://www.ubs.com/etc/designs/fit/img/svg/ico_pdf.svg)](https://www.ubs.com/global/en/wealthmanagement/insights/marketnews/article/_jcr_content.1246535859.file/PS9jb250ZW50L2RhbS9pbXBvcnRlZC9jaW9yZXNlYXJjaC9wZGYvMjUvODEvODUvOS8yNTgxODU5L2VuLzI1ODE4NTkucGRm/2581859.pdf) You are here: - [Global](https://www.ubs.com/global/en.html) - [Global Wealth Management](https://www.ubs.com/global/en/wealthmanagement.html) - [Insights](https://www.ubs.com/global/en/wealthmanagement/insights.html) - [Are we facing an AI bubble?](https://www.ubs.com/global/en/wealthmanagement/insights/marketnews/article.2581859.html) [Back to top](https://www.ubs.com/global/en/wealthmanagement/insights/marketnews/article.2581859.html#doc) ## Footer Navigation Change your domicile Global ### Explore UBS.com - Explore UBS.com - [Asset Management](https://www.ubs.com/global/en/assetmanagement.html) - [Investment Bank](https://www.ubs.com/global/en/investment-bank.html) - [Global Wealth Management](https://www.ubs.com/global/en/wealthmanagement.html) - [Our firm](https://www.ubs.com/global/en/our-firm.html) - [Careers](https://www.ubs.com/global/en/careers.html) - [Investor Relations](https://www.ubs.com/global/en/investor-relations.html) - [Locations](https://www.ubs.com/locations) - [Media](https://www.ubs.com/global/en/media.html) - [Information on UBS](https://www.ubs.com/global/en/legal/info-on-ubs.html) - [Terms of use](https://www.ubs.com/global/en/legal/disclaimer.html) - [Privacy statement](https://www.ubs.com/global/en/legal/privacy.html) - [Report fraudulent mail](https://www.ubs.com/global/en/our-firm/cybersafe/phishing.html) - [Go to privacy settings]() ### Legal Information The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. 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