(NewsNation) — The AI boom has many drawing comparisons to the dot-com bubble, but Federal Reserve Chair Jerome Powell says the two aren't the same.

"This is different," Powell told reporters Wednesday. "The companies that are so highly valued actually have earnings and stuff like that."

During the dot-com era, by contrast, many were "ideas rather than companies," Powell noted. "So there's a clear bubble there."

The Fed chair's comments come amid concerns that investment in AI may be running ahead of its payoff — leaving the stock market and broader U.S. economy on a potentially shaky foundation.

Just this week, Bill Gates told CNBC he sees parallels to the internet bubble, with some winners — but a lot of losers.

"There are a ton of these investments that will be dead ends," Gates sa

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