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When dot com crashed it was similar - compute use didn’t reduce, far from it, it’s just capex crashed to the ground and took 90% of Nasdaq value with it, for a few years.

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Stop comparing to dotcom. There’s a big difference between the internet then and the internet now. Ignoring the astounding nature of the AI tech (dotcom isn’t even in the same ballpark), you also have to consider these two things:

1) We didn’t make the world digital native in that era

2) We didn’t connect the whole world to the internet

I agree on the astounding nature of AI but there is also an astounding nature to valuations across the market right now.

WMT is a better example than NVDA.

WMT - seems like their growth is a bit faster now than historically. That may explain their stock price?

https://www.macrotrends.net/stocks/charts/WMT/walmart/revenu...

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