Apollo's chief economist warns the AI bubble is even worse than the 1999 dot-com bubble
"The difference between the IT bubble in the 1990s and the AI bubble today is that the top 10 companies in the S&P 500 today are more overvalued than they were in the 1990s."
AI stocks faced pressure due to sector rotation and possible semiconductor sale restrictions to China, pushing ASML's stock down by over 20% from peak levels.