Veteran investor Manish Chokhani, Director at Enam Holdings, has issued a sharp warning on the global AI rally, saying valuations of major AI and semiconductor companies resemble the 1999-2000 dot-com bubble, even as the technology itself is transformational.

Speaking to CNBC-TV18, Chokhani said the market is behaving exactly as it did during the build-up to the internet boom, when capital chased infrastructure creators rather than long-term winners. “It reminds me of the time when your channel started, during the 1999-2000 euphoric period. Telecom companies built the backbone, and at some point the market realised the capex didn’t justify the returns,” he said.

Chokhani pointed out that while AI will fundamentally reshape businesses, stock prices may not reflect that reality. “Someone p

See Full Page