The dot-com bubble at least had one thing going for it: the consumer won. You could see it in real time. Internet → faster, cheaper, easier life. Email, e-commerce, search—instant utility. The end game was obvious: more productivity, more spending, more growth. Now look at AI. What’s the clear consumer benefit today? Not theoretical—real, widespread, daily impact. Because right now the most obvious use case I’m seeing is… cost cutting. Replace workers. Reduce headcount. Automate roles. So let’s think this through: Less jobs → less income Less income → less spending Less spending → weaker demand And yet… we’re pricing a boom? In dot-com, the consumer was the engine. In AI, the consumer risks becoming the casualty. That’s not a flywheel. That’s a contradiction. But sure—keep chasing the narrative.