- The breakneck rally in AI stocks has prompted unflattering comparisons with the dot-com bubble of the late 1990s.
- But Goldman Sachs argues there's no bubble in AI stocks, and suggests they have more room to run.
- "We are still in the relatively early stages of a new technology cycle that is likely to lead to further outperformance," a strategist at the bank said.
A stunning surge in artificial intelligence-related tech stocks has been the top US stock-market story of the year, with the likes of Nvidia delivering triple-digit returns.
The breakneck rally has prompted experts including economist David Rosenberg and fund manager Bill Smead to compare it with the dot-com bubble of the late 1990s, which ended in a crash.
But Goldman Sachs is pushing back against that notion.