That’s true yeah, there is a lot less retail investment in those companies.
What is similar to the dot com bubble though is many “smaller” companies (i.e. not Google or Meta) are buying into AI as an investment into infrastructure for their company, just like was happening with useless websites during the dot com bubble.
The AI bubble is going to be like the dot com bubble I think, but with the world being so heavily financialized it might spiral into something like 2008 or worse…
WE WILL WIN! WE WON’T REST!
Consolidation in real-estate and the entertainment industry are why. In real-estate it leads to higher rents and mortgages, which for restaurants makes the location more expensive, but also the staff because they need to make rent as well. In entertainment it’s all just ticketmaster, which owns venues and the ticketing system. That makes them able to double dip on every ticket, since they can charge exorbitant rents for event locations, and also take IIRC a 30% fee on every ticket sold.
I doubt they’ll be that stupid, however, all bets are off with the MBA’s back behind the wheel…
Also it’s mostly security through obscurity. It is just difficult enough to dissuade most people, but not actually secure because that costs money.