In AI versus the Dotcom Bubble (Oct 2025), Janus Henderson’s Alison Porter outlines eight structural reasons why the current AI cycle differs from the speculative excess of the late 1990s.
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Unlike the dotcom era, today’s AI leaders have strong cash flow and earnings, with far fewer unprofitable tech firms and much tighter financial regulation.
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AI investment is broad and infrastructure-based, spanning chips, data centres, cloud platforms and energy—backed by long-term demand and hyperscaler balance sheets.
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While risks exist (vendor financing, funding concentration), valuations are supported by profit growth rather than pure multiple expansion, and adoption is enterprise-driven, not consumer hype-driven.
Could volatility still hit AI markets? Yes—but a bubble-style collapse looks unlikely given deeper fundamentals. Explore the full report for the 8 structural differences behind this AI cycle.
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