The AI boom is everywhere, with soaring valuations, endless hype, and CEOs racing to invest. But is this moment starting to look a lot like the telecom bubble of the early 2000s?

Chris and Toby revisit the dot-com era, long-distance calling cards, and the fiber-optic crash to explore whether today’s AI gold rush is running on real value… or speculation. With Michael Burry shorting AI stocks and Meta’s chief AI scientist heading for the exit, what are the process signals leaders should actually be paying attention to? And what happens when innovation outpaces the business model? Dive in.