Bold Names Why This Investor Says the AI Boom Isn’t the Next Dot-Com Crash
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Oct 17, 2025 
Martin Casado, a general partner at Andreessen Horowitz and an expert in AI infrastructure, discusses the burgeoning AI investment landscape. He believes this boom is fundamentally different from the dot-com crash due to stronger balance sheets and varied business models. Casado highlights the massive investments in data centers and the unique opportunities emerging from AI startups. He also notes how current economic pressures may temper public CEO expectations while still fostering innovations that could transform the industry.
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Not The Same As The Dot‑Com Party
- Martin recalls the late‑1990s dot‑com excesses: limos, parties, and people preferring equity to cash.
- He uses that memory to show today's scene is not the same full‑blown bubble spectacle.
Infrastructure Dominates AI Spend
- Martin says most AI spending goes into data‑center infrastructure: GPUs, real estate, power, and cooling.
- He frames infrastructure as the dominant cost, with software and teams as secondary expenses.
Stronger Backers Than In 2000
- Martin contrasts today's tech backers with the 2000s, noting major companies now have huge cash reserves on their balance sheets.
- He argues funding sources and balance‑sheet strength make today's cycle fundamentally different from the dot‑com era.