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Jim Cramer says AI rally is not a bubble like the dotcom era

Jim Cramer said U.S. markets amid an AI-driven rally differ from the period just before the dotcom bubble burst. He said some stocks may reflect excessive expectations but do not represent the whole market. Cramer cited interest rates, corporate results and valuations, saying a dotcom-style collapse would require repeated large rate hikes. He also pointed to S&P 500 forward P/E near 20 versus above 25 before 2000, and said major banks and some tech names trade at relatively low multiples.