The AI fever has swept through markets with unprecedented momentum. But here's the real question: are we witnessing genuine innovation value, or just another classic bubble inflating?

Look at the numbers. AI companies are trading at multiples that would make traditional tech look like a bargain. Meanwhile, their actual revenue growth—while impressive—doesn't always justify the current valuations. Sounds familiar? It echoes the dot-com days and, let's be honest, some patterns we've seen in crypto cycles too.

Here's what matters: separation of signal from noise. Some AI plays have real utility and defensible competitive advantages. Others? They're riding pure hype. The market hasn't yet figured out which is which at scale.

What makes this different from previous bubbles is the genuine infrastructure value underneath. Unlike some historical frenzies, AI capabilities are actually advancing rapidly. The question isn't whether AI matters—it clearly does. It's whether current prices reflect that value or extrapolate too far ahead.

For traders and investors watching this unfold, the lesson is timing. Not whether to participate, but when to take profits and reassess. Market cycles are real. And this one? It's still writing its story.