Are we in a "bubble"?

JPMorgan answers: The numbers don’t lie
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The question that haunts every portfolio manager today:
"Are we living through another Dot-Com (Dot-Com) scenario?"

The word "bubble" is being repeated a lot, but JPMorgan’s latest report presents us with a completely different reality, backed by a language that doesn’t lie: the language of cash flow.

Here’s why this economic cycle is fundamentally different from what we experienced in the nineties:
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1. This time... "Cash" is king
During the dot-com bubble, companies borrowed to build dreams on paper.
Today, tech companies are funding their revolution out of their own pockets.

We’re talking about free cash flow margins (Free Cash Flow) nearing 20% in the tech sector
—that’s double what the numbers were in the late nineties.
These companies aren’t burning cash; they’re printing it, then reinvesting it.
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2. Real infrastructure, not just "websites"
The massive spending we see today isn’t just speculation.
It’s real, tangible demand.
Billions are being poured into building data centers, cloud networks, and solid infrastructure to meet actual demand from businesses and governments.
Bubbles burst and leave behind emptiness, but AI is building digital "roads and bridges" that will last for decades.
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3. The real risk: "Perfection pricing"
Even though the fundamentals are strong, the market is unforgiving.

Expectations (Expectations) have risen as fast as earnings.
The risk here isn’t in the technology itself, but that any slight stumble—whether it’s a power shortage or adoption delays—could be harshly punished in the stock price.
The outlook is hazy, and the ultimate winner has yet to be determined.
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To put it more clearly:
What we’re seeing is not a bubble, but a roaring start to a "structural transformation" in the global economy.

And smart money has started moving from the "innovators" (chip companies) to the "enablers" (energy and utility companies that will power those chips) and the "adopters" (financial and healthcare sectors).

Don’t look for the bubble to burst; look for the sectors that will support this new growth.

Share your thoughts:
Is your portfolio focused solely on technology,
or have you started expanding into energy and utilities?

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