Son’s comments came on the heels of SoftBank’s announcement of a hefty 75 billion euros ($87 billion) investment in building AI infrastructure in France, including a 5 GW AI data center.  Speaking to CNBC on Monday, Son acknowledged the dot-com crash as a minor setback in a larger growth story. He likened the current AI revolution to the inception of the internet, calling it “the biggest revolution of technology and realization that mankind ever experienced”.

Son’s comments come at a time when SoftBank’s market value has surpassed that of Toyota Motor Corp. (NYSE:TM), marking a shift in investor preference towards companies tied to AI infrastructure and technology platforms.

Meanwhile, not everyone shares Son’s optimism. Jamie Dimon, CEO of JPMorgan Chase & Co. (NYSE:JPM), recently voiced his concerns about the current market enthusiasm, drawing parallels with market exuberance seen before significant market crashes of 1929, 2000 and 2007.

Similarly, Bank of America‘s chief investment strategist Michael Hartnett, warned that the stock market is showing a narrow leadership pattern similar to the one seen before the dot-com crash in 2000. He noted that only 21 stocks (about 4% of the index) are currently reaching new highs, nearly matching the 20 stocks that were doing so at the market peak in March 2000, raising concerns about weakening market breadth.

On the other hand, strategist Ed Yardeni raised his year-end target for the S&P 500 to 8,250 from 7,700, making him the most bullish major Wall Street forecaster. He attributed the upgrade to strong corporate earnings that have fueled what he described as a stock market “meltup.”

Price Action: On a year-to-date basis, the SPDR S&P 500 ETF Trust (NYSE:SPY) climbed 10.73%, while the Invesco QQQ Trust (NASDAQ:QQQ), tracking the Nasdaq 100, surged 20.42%, as per data from Benzinga Pro.