A veteran tech investor says 'doom and gloom' over the AI boom is overblown, even though it has shades of the dot-com bubble

Paul Wick, the CIO of Seligman Investments, argues that concerns over an impending AI crash and mass unemployment are overstated. The tech investor points out similarities between the AI boom and the dot-com bubble of the early 2000s, but asserts that current conditions are healthier. Wick attributes this to robust demand, solid earnings, and a lack of mania.

He dismissed Michael Burry's warnings about aggressive accounting, hidden debt, and overinvestment in depreciating assets. Wick also noted that Nvidia, a key player in the AI sector, remains extraordinarily profitable. While he questioned whether Nvidia should focus solely on buybacks, he emphasized the company's financial strength.

Wick cautioned that worries about AI obliterating jobs for humans are premature, as the full impact of AI on labor markets remains uncertain. He suggested that learning a trade could be a more practical route for young people in the AI era, as there is high demand for skilled workers like electricians and HVAC technicians.