According to a recent research report by TS Lombard, Nvidia's recent rapid ascent has sparked market comparisons to Cisco Systems during the dot-com bubble era. TS Lombard notes that investors are now intensely debating whether the current AI boom can sustain the high expectations already embedded in tech stock valuations.

The firm argues that Nvidia's rise amid the AI wave bears resemblance to Cisco’s performance during the network infrastructure build-out frenzy of the past. This analogy has raised concerns over the current valuation rationale of AI-related stocks, as the market evaluates whether the real-world adoption speed of AI technology is sufficient to justify the current price surges—and whether there is a risk of repeating historical asset bubbles.