Nvidia (NVDA) is still the king of the AI trade, but the vibe around the stock has clearly changed. Bulls still point to massive AI spending from hyperscalers. Bears are now asking a harder question. How much of that spending is real demand, and how much is a loop of companies funding each other?
That is why TS Lombard’s Cisco (CSCO) comparison landed so hard. The firm just warned that Nvidia’s run has echoes of the dot-com era, when Cisco looked unstoppable right before the market reset.
