Market bubble can inflate a lot more before the end, says Niles Investment's Dan Niles

Summary

Dan Niles compares the current AI bull market to the late 1990s internet bubble, arguing that the bubble can inflate further before bursting. He expects at least one more strong year for the NASDAQ, driven by the acceleration in token generation from agentic AI, but warns of eventual risks from Fed liquidity withdrawal and slowing growth.

• Dan Niles draws parallels between current AI rally and 1999 internet bubble.
• NASDAQ is up 122% in three years post-ChatGPT, similar to 109% in first three years of internet.
• He expects at least one more great year in 2025 for equities.
• OpenClaw finalization in January triggered agentic AI demand and compute surge.
• Token generation growth jumped from 20% to 120% after the event.
• Niles notes eventual bust risks from Fed liquidity withdrawal and slower token growth.
• No specific stock picks were discussed; focus is on broad market timing.