This week, we're replaying some of our favorite Forbes stories from 2025.

Today on Forbes, why AI stocks are giving some investors.com bubble deja vu.

At the end of the 1990s, there was one narrative on every stockbroker's lips.

The so-called World Wide Web would change

everything about our way of life, the way we buy and sell goods, interact with friends,

conduct research, and advance our careers. It would be impossible to imagine life without it.

That narrative has come true on a scale beyond what many imagined, but it might not feel

that way for the investors who bought into the craze.

First, there was the crash in March 2000, which ultimately took the stock market down 49%.

Even worse, had you held on to the 10 largest tech stocks by market capitalization from the

beginning of 2000, all 10 would have lagged the

S&P 500 by the end of 2015.

Fast forward to today, and the only stocks that have pulled ahead of the broader market in

that quarter-century span are Microsoft and Oracle.

The rest, names like Cisco, Intel, Qualcomm, and IBM have sorely disappointed

investors. It's a cautionary tale for today's investors, who have bid prices up on the belief

that artificial intelligence will revolutionize the world the same way the Internet did.

The information technology sector makes up more than 33% of the S&P 500 index,

matching the levels of the dot-com bubble of the late 1990s. Semiconductor designer and Vidiya alone

makes up 8% of the index, thanks to its $4.3 trillion market cap, up tenfold in three years. But even if AI is as transformative as

most expect, the stocks that have been the biggest beneficiaries thus far may not be winners in

the coming decades. Rob Arnott, founder and chairman of Newport Beach, California-based

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