Strong tremors are shaking international markets due to the sharp drop in technology stocks, with trillions of dollars wiped off market valuations. Artificial intelligence, which until recently was presented as the greatest investment opportunity of the century, now faces a dangerous question: Is the history of the dot-com bubble repeating itself?
Panic on Wall Street: Tech giants lose billions
The turmoil peaked on November 5, 2026, when the Nasdaq retreated by 5.5%, with market value losses estimated at roughly 2.5 trillion dollars. Concerns over massive investments in artificial intelligence, financing costs, and constraints on constructing new data centers triggered mass sell-offs.Nvidia stands at the epicenter, while AMD and other sector companies have experienced intense fluctuations. The leadership crisis at Nvidia worsened uncertainty, although the picture is not identical for all technology firms.
The dot-com nightmare awakens again
Today's situation recalls the events of 2000, when hundreds of internet companies collapsed because investment expectations had far outpaced their actual revenues. By 2002, the Nasdaq had lost roughly 78% of its value from its all-time high, wiping out trillions of dollars. Companies such as Pets.com and Webvan vanished, while others, like Amazon and eBay, survived and evolved into global giants. The internet did not die. It was stock market excess that collapsed.
The major thorn: Hundreds of billions without guaranteed profits
Today, the US and China are competing for dominance in artificial intelligence, with companies such as OpenAI, Google, Anthropic, DeepSeek, and Alibaba investing in increasingly powerful systems. However, massive data centers require expensive processors, significant energy infrastructure, and continuous financing. The International Energy Agency estimates that global electricity consumption by data centers will rise from roughly 485 TWh in 2025 to 950 TWh in 2030. The critical problem for investors is whether future revenues will justify the colossal expenditures. The technology is proving useful across many sectors, yet this does not guarantee that all enterprises investing in it will become profitable.
Who will snatch up the wreckage if the bubble bursts?
One plausible scenario is a repeat of the history of 2000. Financially weaker enterprises could be driven into mergers or bankruptcies, leaving behind ultra-expensive facilities and computing infrastructure. Major technology conglomerates, industrial enterprises, and potentially state or military organizations could benefit by acquiring assets at lower prices. The growing military significance of artificial intelligence also boosts interest in intelligence analysis systems, target recognition, and unmanned operations. Nevertheless, mass corporate bankruptcies and the liquidation of their infrastructure remain scenarios rather than certainties.
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