NOT A MANIA YET

In the early days of railroads, personal computers, and the internet, investors questioned whether the hype would ever pay off. But those “bubbles” weren’t manias—they were the buildout phases of new infrastructure.

Today, AI investment makes up just a fraction of GDP compared to past booms. We’re not in the mania stage; we’re laying the groundwork.

History shows that new technologies create new jobs. We must never stop Learning.

The S&P 500’s price-to-earnings ratio is nowhere near levels seen during past bubbles. Unlike those periods, today’s AI investments are generating real revenue and earnings growth, keeping valuations grounded in fundamentals.

We’re still early. The technologies shaping this era — Agentic AI, Robotics, Blockchain, Genomics, and Nuclear Power — are laying the foundation for the next multi-decade growth cycle.

These aren’t speculative bubbles; they’re the infrastructure of a new economy. Just as railroads powered commerce, and the internet powered information, these breakthroughs will power productivity. The market isn’t overheated — it’s being rebuilt.

Investor Takeaway:
Don’t mistake early volatility for a bubble. True wealth is built by investing in the groundwork — not the headlines.

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