The generative AI boom shows similarities to the dotcom bubble, with massive investments ($364 billion expected in 2025) flowing primarily to companies like Nvidia. While Goldman Sachs argues current AI investments are justified by profits, critics point to structural limitations in large language models that prevent true reasoning capabilities. Developers using AI tools daily recognize their utility for code generation but also experience their shortcomings, suggesting the technology may be more incremental than revolutionary. Even if an AI bubble exists, survivors will likely drive lasting changes in the industry, similar to how some dotcom survivors became today's tech giants.