Is this Dotcom bubble version 2.0?

Five charts to start your day

Now here is a blast from the past. I've seen this table countless times. It does the rounds on social media every now and again. Some people think we are about to experience the next version of the Dotcom bubble. I don't think we necessarily are, but that's too complex to debate in this short newsletter.

Nevertheless, this table is interesting. Picture the year 2000: Cisco rides a wave of Dotcom mania, its valuation hitting half a trillion dollars even though its profits barely justify the hype. Fast-forward to today, and Nvidia is crowned the "shovel seller" of artificial intelligence, powering data centres and machine learning worldwide with its GPUs.