From Dow Jones & Company:

Investors are questioning if the meltup phase of the bull market has begun, following a recent correction low. Excitement over AI and possible Fed interest rate cuts has contributed to a 250% jump in Nvidia’s stock and a 108% increase in the S&P 500 Semiconductor index.

The parabolic ascent of Nvidia’s stock is beginning to resemble that of Cisco Systems during the late 1990s tech bubble. With Fed Chair Jerome Powell’s consideration of lowering interest rates, concern over fueling an irrational exuberance in the stock market is palpable. This has raised fears of inflating a speculative bubble and causing a recession.



Read more: Opinion: Is Nvidia today’s Cisco? Here’s what Ed Yardeni thinks.