Tech looks vulnerable, warns Apollo strategist Torsten Slok. He shared a “chart of doom” comparing today’s S&P 500 with its path from the mid-1990s to the peak of the dot-com bubble in 2000 – suggesting the current rally could end the same way. Slok acknowledges that AI will transform lives and boost productivity, but argues that doesn’t justify today’s valuations. He points to Tesla’s sky-high P/E of 200 and Nvidia’s 60 as evidence of froth. He also believes AI will disrupt software so deeply that “many companies could go out of business because of ChatGPT.” For him, the current euphoria has uncomfortable echoes of the 1990s tech bubble.