It's not exactly the same this time around, the dot-com bubble was a bit different, but both then and now were preceded by huge hiring bubbles and valuations that were stupid. Now it's a little different 25 years later, tech has advanced and AI means cutting the fat out of a lot of companies, even Microsoft.

AI is somewhat creating a similar bubble now, because investors still have money, and the current AI efforts are way over-hyped. 6.5 billion paid to aquihire Jony Ive is a symptom of that.