A chief economist at investment giant Apollo says the top ten AI stocks are more detached from reality than the tech titans of the 1990s were. His chart is a stark warning that history is about to repeat itself.

Back in 1999, Wall Street lost its collective mind over the internet. Companies with no revenue were suddenly worth billions, “eyeballs” were treated as currency, and market analysts predicted a frictionless future where everything would be digital. Then the bubble burst. Between March 2000 and October 2002, an estimated five trillion dollars in market value vanished into thin air.

Today, it is happening again. This time, the magic word is not “.com.” It is “AI.” < According to Torsten Slok, the influential chief economist at Apollo Global Management, a major global investment firm, the current AI driven market bubble is even more stretched than the dot com frenzy of the late 1990s. And he has the data to prove it.

“The difference between the IT bubble in the 1990s and the AI bubble today is that the top 10 companies in the S&P 500 today are more overvalued than they were in the 1990s,” Slok wrote in a recent research note that was widely shared across social media and financial circles.