Raymond James Dismisses AI Bubble Fears, Backs Tech Stocks Amid Market Rally
Twenty-five years after the dot-com crash, Raymond James CIO Larry Adam rejects comparisons between that era's speculative frenzy and today's AI-driven market surge. The NASDAQ's 104% three-year gain and Nvidia's ascent to a $4.4 trillion valuation reflect fundamental technological transformation rather than irrational exuberance.
Generative AI's tangible productivity enhancements distinguish this cycle from the late 1990s infrastructure build-out. While volatility remains inevitable in adoption phases, institutional analysts emphasize measurable ROI from enterprise AI implementations across cloud computing, semiconductors, and data analytics.