The Wall Street Grim Reaper says AI is definitely not a bubble, and the community panics: Run, the situation is worse than we thought.

Jim Cramer, a well-known analyst on Wall Street, said that there is no bubble in AI, but it accidentally ignited market panic, investors are worried about the reappearance of anti-indicators, will the AI boom repeat the Internet bubble or open a new chapter? (Synopsis: China's fully robot-operated grocery store, sci-fi come true or gimmick?) (Background added: Bill Gates: AI replacing humans in 10 years, working two days a week is not a dream, three professions or surviving) Earlier this week, Wall Street financial luminary Jim Cramer declared on CNBC that "the artificial intelligence industry is by no means a bubble", but a short positive sentence caused a chill. The host, known for his "contrarian indicators", wanted to dispel doubts, but many investors sent a chill down their backs, questioning whether AI would follow in the footsteps of the 2000 Internet stock crash. Cramer's reputation is partly based on predictions of a series of reverse hits: on the eve of the dot-com bubble burst in 2000, he praised dot-com companies as "the only asset worth having"; In 2012, he suggested selling HP and Netflix, and both rose sharply. Now, he publicly stated on the 29th that there is no bubble in AI, and Reddit users immediately joked that "the global system is about to collapse." This "anti-Cramer" effect turned what should have been a reassuring conversation into an alarm. The immediate reaction from the community highlights that market sentiment remains highly vigilant, and any hint of a bubble is enough to amplify panic. "Oh my God, it's worse than we thought. The Grim Reaper of Finance has spoken..." Cramer's argument: Giants are financially sound, AI is different from the dot-com bubble In the face of doubts, Cramer listed three rebuttals in a CNBC interview. First of all, the current main investors are large technology companies such as Google, Amazon, and Meta, which have huge cash flow and can withstand investment failure; Second, these companies have commoditized AI services, not just selling concepts; Finally, there are still skeptical voices in the market, and "healthy skepticism" helps to avoid stall mania. But he is not entirely optimistic, but stressed that even if the "dot-com bubble scenario" cannot be ruled out, the financial constitution of the giants "too big to fail" will provide a safe buffer. At the same time, Cramer's high trust in Nvidia CEO Jensen Huang has become the core basis for his bullish AI. Doubts about idle funds: circular financing and economic pull In addition to the optimistic rhetoric, the market has also captured some bubble warning signs. Yahoo Finance reported that since the beginning of this year, the contribution of US AI capital spending to GDP growth has exceeded all consumer spending combined, and if investment slows, the economic impact may not be underestimated. Another controversial issue is "circular financing". Bloomberg reports that Nvidia has invested $100 billion in OpenAI, its largest customer, raising questions about "vendors sticking to customers." Analyst Jay Goldberg described it as like "parents co-signing your first mortgage" and bluntly said: "Bubble behavior." The move has many observers worried that money is merely circling within the ecosystem, failing to generate real value and potentially amplifying the risk of valuation corrections. Historical Mirroring: Similarities, Dissimilarities, and Key Futures Academia and investment circles continue to compare the AI wave with the Internet frenzy of 25 years ago. According to multiple analysis, AI-related capital spending in 2025 will account for about 0.9% of U.S. GDP, which is still "moderate pressure", which is different from the scale at the peak of the dot-com bubble. However, both were fueled by a passionate belief in technological transformation and led to a spike in valuations. The difference is that today's giants have strong free cash flow, which can support R&D and hardware layout; In the past, many network startups lacked revenue and could not withstand the cold winter. But similarly, the tug-of-war between "true value" and "speculative enthusiasm" remains sharp. Whether AI can turn huge investments into sustainable profits is a watershed. If the speed of technology implementation cannot keep up with the influx of capital, valuation adjustments may quickly detonate; Conversely, if apps become widespread and drive real productivity, this wave may write a very different chapter from the dot-com bubble. The market is currently torn between confidence and fear, and it remains to be seen whether this wave of technology investment will create the future or repeat history. Related reports 0G on Binance rises more than 500%: dual-track strategy to build the next generation of decentralized AI infrastructure Who can power AI immediately? Bitcoin miners' undervalued energy vein Stable's dedicated stablecoin chain announced PayPal investment: Stablechain will integrate PYUSD and expand application scenarios (Wall Street death shouts AI is by no means a bubble, the community panicked: run, the situation is worse than we thought) This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".