Also there are no early IPOs. Very few people can buy stocks in these companies which changes the dynamics significantly. Note sure what's the point of talking about the stock market this much when for almost everyone the only way to get any exposureis through Nvidia or other hardware companies and maybe MS/Google/AWS.

> Investors and VCs have learnt if we stick with winners and growth companies, the payoffs are massive.

Well... yes and no. 2021 wasn't that long ago.

> So, it's foolish to apply 2000 parallels to now

The stock market and other financial stuff is of course different. The fundamental trend not necessarily though. It took awhile for anyone to figure out how to directly build a highly profitable internet based business back then for AI it seems more or less the same so far.