Doug Cohen compares the market cycle to the dot-com bubble. He argues that while parts of the market, like meme stocks or cyber, are “frothy,” the 90’s won’t repeat themselves because the leadership of the market is the Mag 7. He thinks that these “well-established” companies that can be used for “offense or defense” and have strong balance sheets can continue to buoy the whole market. He also thinks that AI will make us “lose a lot of jobs” which will lead to further social dissension: “I worry about the societal fabrics.” But from an equity perspective, he says, “this is the golden era” of AI.