AI bubble mirrors 1990s portal wars, not the dot-com crash, analyst warns
By
AIJ Contributor
Summary
The author argues that the AI boom is not a repeat of the dot-com bubble but rather mirrors the lesser-known "portal wars" of the late 1990s. Drawing on their track record of predicting the private credit winter in 2025, they warn that AI startups—not software companies—are the real cause for concern. The article suggests that contractual and market signals point to an impending downturn in the AI sector, and that most observers are misdiagnosing the nature of the current bubble.
Source
bskyAI bubble mirrors 1990s portal wars, not the dot-com crash, analyst warnsaijourn.comKey quotes
· 4 pulledIn October 2025, when credit markets looked stable and strong, I warned that a private credit winter was coming.
I wasn't clairvoyant: I just had better data, the answers were buried in contractual terms signaling distress was ahead.
While everyone's worried about software companies, they should actually be worried about AI startups.
Most people liken the AI boom to the dot com bubble. But the right comparison is the lesser-known portal wars.
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