Every great technological wave carries within it both the seed of transformation and the shadow of excess, and the artificial intelligence boom now reshaping American markets is no exception. Wall Street analysts, led by Capital Economics, are sounding a measured alarm: the valuations driving AI stocks have stretched beyond what underlying earnings can plausibly support, echoing the speculative fever of the dot-com era. With a projected $1 trillion in global AI spending in 2026 and an S&P 500 correction potentially looming by 2027, the question before investors and economists alike is whether