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Investors who cheered this year’s AI-fueled market highs are growing uneasy. A sharp Nasdaq slide led by Nvidia and CoreWeave revived comparisons to the dot com era, as gains concentrate in a handful of tech giants now making up a record share of the S&P 500. Some warn of overreliance on lofty growth bets, even as Goldman Sachs notes valuations are far from 1990s extremes and Jerome Powell says today’s leaders have real earnings. The bigger question lingers: can massive AI spending deliver lasting productivity gains?

Prepared by Christopher Adams and reviewed by editorial team.