The AI-fueled hype around tech stocks has eclipsed the dot-com bubble - and a brutal sell-off may lie ahead, Bill Smead says

• The AI-fueled mania around tech stocks is more extreme than the dot-com bubble, Bill Smead says.
• The fund manager says the passive-investing boom has lifted Big Tech stocks to dangerous highs.
• High-flying stocks have suffered devastating declines in value during past crashes, he notes.

The AI-fueled frenzy around technology stocks has eclipsed the internet mania of the late 1990s and early 2000s, setting the stage for a prolonged and painful sell-off, Bill Smead has warned.