Spencer Jakab analyzes AI boom and Magnificent Seven against past bubbles

9 articles · Updated · The Wall Street Journal · May 8

In a Markets A.M. newsletter, he says recent gains now show echoes of the dot-com crash and in some respects have surpassed that era's peak.
The analysis compares today's rally with episodes including the Roaring '20s, railroad mania, Japanese property and tulip speculation, while noting such parallels often draw pushback.
The piece frames the current AI-driven surge as increasingly difficult to separate from earlier speculative manias, highlighting growing debate over whether enthusiasm is outrunning fundamentals.

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