Looking back at the last cycle that truly changed the structure of productivity — 👉 From 1996 to 2003, the Nasdaq (blue line) rose a full 100% in the last 6 months before the bubble peaked. Note that this is not the starting point of the bubble, but rather the stage where the bubble completed its self-justification. And now the Nasdaq (white line) is following an extremely familiar path. In terms of trends, it has entered the overlapping range of 1998–2000; In terms of narrative, it is also built on a real productivity revolution; In terms of sentiment, the divergence is disappearing — there are fewer skeptics, and everyone is moving towards accepting it as correct. So, are we standing in 1998 or 2000? If it's 1998, that means there is still a period ahead that is the most exhilarating, the hardest to resist, and also the easiest to ruin risk discipline. If it's 2000, then it's the last lesson the bubble gives to the market.