The artificial intelligence boom seems unstoppable, but a growing number of investors and other observers worry it could be a bubble about to burst.

After skyrocketing more than 50% from April lows, the tech-heavy Nasdaq composite experienced a decline of close to 5% this month. Investors are concerned it could take longer than expected to see big profits from the trillions of dollars they’ve poured into technology’s next wave.

Those who have been around long enough say some of the enthusiasm feels like the dot-com boom and bust of the turn of the century. Optimists say this time is different.

AI chipmaker Nvidia has led the stock market rally, becoming the world’s most valuable company on the back of the AI enthusiasm. The Santa Clara, California-based company makes specialized compute

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