China's AI models reshape expectations as AI bubble likened to dot‑com era

Analysts note that the current surge of interest in artificial‑intelligence (AI) systems is being compared to the dot‑com boom of the late 1990s. While past market cycles saw China largely on the outside, today "China and its army of high‑performance, cheap AI models" are closing the performance gap with U.S. offerings and undercutting their pricing. This shift could alter how any future AI bubble might burst, contrasting with the 2000‑era bubble that peaked on March 10 when the Nasdaq reached its record high. The commentary suggests that Chinese open‑weight models may pressure U.S. frontier‑model monetisation and impact AI capital‑expenditure decisions.