Wall Street's Latest Dot-Com Bubble Joke Is Knicks-Themed: Chart of the Day

Article from Yahoo Finance. Published Saturday, May 30, 2026. Written by Jared Blikre.

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• The Knicks' return to the NBA Finals has given Wall Street an eerie 1999 parallel that is hard to dismiss, especially with Michael Burry publicly warning that today's market feels like the final months of the dot-com bubble.

• The PHLX Semiconductor Index has more than tripled since its April 2025 low, which sounds alarming until you compare it to the dot-com era's DJ Internet Composite, which rose nearly ninefold before collapsing.

• The structural similarities between 1999 and today are difficult to ignore, with a dominant technology theme, concentrated mega-cap gains, massive capital expenditure buildouts, and private market frenzy all rhyming closely across both eras.

• The dot-com crash was not caused by the internet being fake — the technology was real and transformative, and the same logic applies today. AI can be genuinely important and still be dangerously overpriced.