🚨 Are we in a "bubble"? JPMorgan says: the numbers don’t lie.

The question on every portfolio manager’s mind today:

"Are we reliving the Dot-Com era?"

The word "bubble" is everywhere, but JPMorgan’s latest report tells a very different story—one backed by numbers that speak the truth: cash flows.

Here’s why this economic cycle is completely different from the 1990s:

1️⃣ This time… cash is king

During the Dot-Com bubble, companies borrowed heavily to chase paper dreams.

Today, tech giants fund their revolutions from their own pockets.

Free Cash Flow in the tech sector is around 20%—double what it was in the late ’90s.

These companies aren’t burning money—they’re printing it and reinvesting it.

2️⃣ Real infrastructure, not just websites

The massive spending today isn’t speculation. It’s real, tangible demand.

Billions are flowing into data centers, cloud networks, and solid infrastructure to meet the needs of businesses and governments.

Bubbles leave empty shells, but AI is building digital roads and bridges that will last decades.

3️⃣ The real risk: “price perfection”

Even with strong fundamentals, the market is unforgiving.

Expectations have soared as fast as profits.

The danger isn’t in the technology itself, but any small hiccup—energy shortages or delayed adoption—could punish stocks severely.

The winners aren’t determined yet.

💡 Bottom line:

This isn’t a bubble. It’s a loud beginning of a structural shift in the global economy.

Smart money is moving from innovators (chip makers) to enablers (energy and utilities powering the chips) and adopters (finance, healthcare, and now crypto infrastructure).

In crypto, $BTC , $ETH , and $BNB are also part of this transformation—driving new digital infrastructure, smart contracts, and decentralized finance ecosystems that will support the next decade of growth.

Ask yourself:

Is your portfolio still tech-only, or have you started expanding into energy, infrastructure, and crypto?

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#Cryptarmacy