Think AI's explosive growth is unsustainable? You're not alone in wondering. The question isn't really new—every major tech cycle has sparked the same debate: Is this different, or are we watching another boom-and-bust play out?

History gives us clues. Look at the dotcom era, the 2017 crypto rush, or even the meme stock frenzy. Each time, momentum-driven rallies outpaced fundamentals. Retail poured money in. Then reality hit. Valuations compressed. Players without real utility disappeared.

But here's the nuance: not every bubble leaves everyone worse off. Some "bubbles" funded infrastructure that became genuinely valuable later. The internet itself survived its bubble. Blockchain tech survived 2018's crash.

With AI, we're seeing similar patterns—massive capital inflows, irrational exuberance in some segments, but also real technological breakthroughs underneath. The risk isn't that AI disappears; it's that capital flows misallocate, overhyped projects collapse, and investor returns compress.

The real question: Which AI plays have staying power? Which are pure speculation? That's where portfolio discipline matters. Market cycles are inevitable. But knowing history helps you position smarter, not panic-sell when corrections come.