Financial researcher Jim Rickards warns that today's artificial-intelligence boom mirrors the late 1990s internet mania, pointing to July 29 as a critical date for investors. In a new presentation, Rickards highlights parallels such as circular financing structures, comparing today's AI ecosystem to how companies like Lucent and Nortel financed their own customers to inflate demand. He notes that the Nasdaq Composite fell roughly 77% from its March 2000 peak to its October low, and argues that market declines rarely stay confined to speculative investments, often hitting retirement accounts and broad-market funds. Rickards believes the July 29 earnings cycle could be a moment when AI expectations collide with financial reality, as investors assess whether growth and profitability are keeping pace. He emphasizes that understanding the difference between technological progress and financial speculation has always mattered during periods of extraordinary optimism.