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https://www.wsj.com/articles/tech-stock-boom-pits-ai-against-the-fed-6ac93965

Tech-Stock Boom Pits AI Against the Fed

Investors can’t agree whether rally looks like repeat of 1999 or start of something bigger

By

Akane Otani

and

Amina Niasse

WSJ breaks down how Nvidia got to its $1 trillion market cap. Photo illustration: Annie Zhao

Technology stocks are on a tear.

Investors can’t agree on whether their recent run looks like the prelude to an eventual bust—like that of the dot-com era—or the start of a more durable rally.

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Further Reading

Chinese Stocks Rally on Strong Alibaba Earnings, DeepSeek Optimism

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Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved.

Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.