I think a big difference between dotcom bubble and ai bubble is:

where is the business/how it profit?

there're solid new-born business with dotcom, like amazon and microsoft

but who are the customers of AI(or LLM, to be specific)? for now i can only see limited user such as programers

how will business gain profits by LLMs

and it feels like users are already consumed totally by existing internet and apps, it's a stock market rather than an incremental market

This is not like a gold mine and shovels, it's more like a cliff and ropes