AI tech boom may surpass the internet bubble in scale and energy use, warns ex-CIA analyst.

Jim Rickards, a former CIA financial advisor, highlights that the current AI industry is consuming more capital and energy than the 1990s internet boom. With nearly $5 trillion expected to be spent on AI data centers in the U.S. alone, the AI buildout requires massive physical infrastructure and faces physical and energy limits unlike the internet boom. Rickards warns of potential market risks due to circular financing patterns similar to those seen in the dot-com bubble. Investors should watch upcoming earnings reports, especially Meta's on July 29, for signs of whether AI growth and spending remain sustainable.