Скачать или смотреть Warren Buffett Warns | AI Bubble is Bigger than Dot Com Bubble

Warren Buffett issues a stark warning in late 2025: the AI boom is not a "new paradigm," it's the 1999 dot-com bubble all over again. From his Omaha office, the 95-year-old investor breaks down why he believes we are in a massive, speculative whirlwind fueled by hype, not fundamentals.



In this video, Buffett argues that the valuations for companies like Nvidia and OpenAI are not just high, they are "prayers". He points to Nvidia's $5 trillion market cap and its 41x price-to-sales ratio, comparing it to Coca-Cola's 6x, and asks where the real cash flow is.



Key arguments from the video:


The Dot-Com Echo: He vividly recalls the 1999 frenzy over "eyeballs" instead of profits, just before companies like Pets.com went bust.



The "Daisy Chain of Delusion": Buffett explains what he sees as a closed-loop system: Cloud providers buy Nvidia chips, then give credits to AI startups, who use the credits to buy more cloud services—all without real, sustainable end-user cash.



The Cisco Precedent: He compares Nvidia directly to Cisco in 2000. Cisco was the dominant "internet infrastructure" company that peaked at 190 times earnings. 25 years later, its stock is still 44% below its 2000 high.




The 1000x "Hallucination": He critiques the massive build-out of data centers, which are planning for a 1000x increase in query volume—a number he calls "hallucinating".


Buffett brings it all back to his core principles: circle of competence, margin of safety, and Rule #1: "Don’t lose money".



Do you agree with this warning? Is AI the biggest bubble in history, or is this time truly different? Share your thoughts in the comments.