Michael Burry just compared the AI market to the final months of the dot-com bubble. HeMichael Burry just compared the AI market to the final months of the dot-com bubble. He
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Michael Burry just compared the AI market to the final months of the dot-com bubble.
He might be wrong on timing. He's not wrong on what comes next.
S&P 500 at 7,398. Nvidia at $5T. OpenAI committed $1.4T in spending against $13B in revenue.
When the 2000 bubble burst, two types of companies survived:
Those with real products solving real problems. (Amazon. Google.)
Those with brands their customers wouldn't abandon.
Everything else died.
In 2026, founders are pouring capital into the AI layer of their product. Wrappers. APIs. "AI-first" rebrands. Glossy demos.
Almost nobody is investing in the things that actually survived the last crash: Product depth. Brand equity. UX. Customer trust.
When this corrects — and history says it will — the companies still standing won't be the ones with the slickest AI demo.
They'll be the ones whose users still open the app on day 60. The ones whose brand earned a benefit of the doubt. The ones whose experience felt like a tool, not a trick.
If your roadmap is 80% AI features and 20% product fundamentals, you're not building for the future.
You're building for the next bubble.
Founders — what's your ratio?
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