Artificial intelligence is driving the stock markets to record highs – especially the chip giant NVIDIA. But is there a threat of a new speculative bubble like the dot-com era?
• Expert sees no bubble around NVIDIA shares and Co.
• VC founder sees clear difference to the dotcom era
• Real income instead of pure visions
The euphoria surrounding artificial intelligence currently knows no bounds: shares of industry giants like NVIDIA are rushing from record to record, billions are flowing into new startups and investors are wondering whether the history of the dot-com bubble is repeating itself. While some experts are already warning of overvaluation, Magnus Grimeland, founder of the venture capital firm Antler, sees the situation as much more relaxed.
Expert explains: AI hype surrounding NVIDIA shares is not a bubble
“I definitely don’t think we’re in a bubble,” he said on CNBC’s “Beyond the Valley” podcast, basing his assessment on several factors. His central argument: The rapid and real use of AI in business. According to Grimeland, artificial intelligence is being integrated into business processes much more quickly than previous technologies, such as the transition from physical servers to cloud computing, which took around a decade.
Today, AI is “at the top of the agenda” of many company bosses, whether in India or at a US Fortune 500 company. “There is a willingness to invest in leveraging this technology… and that has happened immediately,” Grimeland continued, according to CNBC.
Real sales instead of visions: AI companies deliver
While many Internet startups made hardly any sales at the turn of the millennium, today’s AI growth is based on real profits. “What makes this a little bit different than a bubble and a lot different than dot-com is that there’s actually real sales behind a lot of that growth,” Grimeland said on the CNBC podcast.
An OpenAI spokesperson told CNBC that the company reached approximately $10 billion in annual recurring revenue (ARR) in June 2025. This is income that is fixed over twelve months.
Younger AI companies like Lovable, an Antler portfolio company, are also showing impressive growth: The startup, which uses AI to create apps and websites, broke the $100 million ARR mark after just eight months, according to the company.
Consumers are driving development: Big Tech is coming under pressure
Another difference from the dot-com era is the speed at which consumers use AI. Online behavior has changed quickly. “100% of my searches were on Google a year ago. Now it’s probably 20%,” Grimeland continued, according to CNBC. This shift shows how strongly AI offerings like ChatGPT are already penetrating everyday life and how they are challenging established tech giants.
Nevertheless, Grimeland also sees opportunities for smaller providers: “The AI winners from this current platform shift are not necessarily these large, established companies.” According to the Antler founder, new players such as the Chinese startup DeepSeek, which develops AI models on a par with OpenAI, could gain large market shares in the future.
Differences from the dot-com era: Will AI remain a growth sector with substance?
Despite high valuations and massive capital inflows, Grimeland does not believe in speculative overheating. While there is an “enormous” amount of money flowing into AI-related companies with “false” valuations, this is typical of the beginning of an investment cycle. “In the end… the opportunity in this space is so much greater than the investment that’s going into it,” he said on the podcast.
It remains to be seen how the AI market will develop in the coming years, but Grimeland says the real opportunities far outweigh the short-term risks.
Bettina Schneider / editorial team finanzen.net
This text is for informational purposes only and does not constitute an investment recommendation. finanzen.net GmbH excludes any claims for recourse.
By the way: Alphabet C (ex Google) and other US stocks can even be traded on finanzen.net ZERO until 11 p.m. (without order fees, plus spreads). Open a depot now for free and secure a new customer bonus!
Selected leverage products on Alphabet C (ex Google)
With knock-outs, speculative investors can participate disproportionately in price movements. Simply select the lever you want and we will show you suitable open-end products on Alphabet C (ex Google)
The leverage must be between 2 and 20
Advertising
Image sources: Konstantin Savusia / Shutterstock.com, Below the Sky / Shutterstock.com