A chart overlaying two paths of the Nasdaq Composite: one from the launch of Netscape Navigator in December 1994 and one from the opening of ChatGPT in November 2022, each as a percentage from its own day zero and aligned by trading sessions rather than by date. The horizontal axis runs from “the launch” to “5 years”. The grey Netscape curve climbs to +396% at five years, labelled “only +113% of it after three”, and carries a marker further back reading “+116%, Netscape at this point, 325 sessions still ahead of it”. The golden ChatGPT curve stops at that same session, labelled “today, +131% with ChatGPT, 937 sessions since 30 November 2022”.

31 August 2026

At this point, the internet still had its best ahead

This chart is a marvel, and not for what it shows but for what it implies behind it. It is not comparing two technologies and an index for the sake of comparing them.

It shows how capital follows the same playbook in front of a technology that can change the world, and how those moves create huge bubbles in the markets. Twenty-eight years apart, and the index is behaving exactly the same.

The decision

This chart says that just as in 1998, when everyone was shouting bubble, the market still had its best ahead.

We have to be careful about where we are getting into, because after that bubble, once capital had the technology deployed, the market burst. The internet did change the world, yes, but fifteen years later.

AI is walking the same road today, so if a correction comes it will be a good opportunity to get in and hold until the bubble bursts. Two different eras, two different technologies, the same playbook.