Semiconductors now make up 18% of the S&P 500 — a record — as capital floods into AI infrastructure. Is this another dotcom bubble, or something structurally different?

Ram Ahluwalia says the spending is coming from the world’s most profitable companies and the returns are already showing up in cloud growth. Christopher Perkins says every mania eventually reaches an extreme. Austin Campbell argues the bigger question is whether investors are actually backing the right companies.

This clip is from a longer conversation on markets, AI, and crypto. Full episode here: https://youtube.com/live/owJbpl30Zq4 

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