Why Is AI Not a Repeat of 1999?

Matt Murphy says this AI wave is not a repeat of 1999 because that boom hit a wall this one does not have. In 1999 a narrow slice of people could use the new products. Few had fast broadband or a PC, and many would not type a credit card into a website. Companies got a fast start from that small group and then never reached the next 98 percent of the population. If the next 98 percent, or even the next 50 percent, had been reachable sooner, scale might have repaired weak gross margins. It took too long.

AI, as he describes it, is immediately available to every consumer and every enterprise. The business models are different too. This wave has durable models selling to enterprise customers, where 1999 had a lot of ad swapping and poor models. He puts the wall down to three things at once: no durable model, too small a population, and not enough time to catch up once the scale arrived.