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THE BRRR’s BOTTOM LINE
The loudest skeptics of today’s tech-dominated stock market love to compare the it to the internet bubble of the late 1990s-early 2000s.
While internet stocks did soar and violently crash, investors correctly identified that the internet itself was a generational technology and investment opportunity that would reshape the world.
Now in 2026, AI has started to capture that same investor imagination.
There are parallels between the two eras, but the most accurate parallels place us much closer to 1998 than anywhere close to the March 2000 peak.
1998 was a good year for tech stocks.
The Nasdaq gained 40%.
Market giants Cisco, Micron and Microsoft all more than doubled.
Amazon pulled a 10x. Ebay IPO’d and 6x’d.
There was a mini financial crisis that sunk the Nasdaq 18% in August alone.
September’s resolution (a Fed-provided backstop) sent stocks back up 18% immediately, and roaring higher for the rest of the year.
2026 echoes that action fairly neatly, and has been lead by much healthier companies doing much healthier capex than the 1998-2000 era.
The most valuable company in the world today, NVDA, sits at the center of the AI trade. It’s financials are completely alien - unmatched across the history of capitalism.
My expectation is that until NVDA’s growth starts to meaningfully slow down, or the stock starts to trade at much higher P/E and revenue multiples, we’re not close to the top.
Now for three charts that illustrate just how different 2026 is to 2000.
Let’s compare NVDA quarterly revenue and y/y revenue growth to that of other companies that were, at the time of the earnings report, the largest company in the world
The following chart visualizes just how much profit NVDA generated in Q1 2026 compared to other historic companies.
And perhaps most importantly, NVDA’s biggest customers are the healthiest, most profitable companies in the world.
Viktor
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Same colleague caught a spend spike overnight on your brand campaign. Flagged it before anyone logged in. The problem was handled before the first standup.
Your strategist reviews trends. Your account manager checks attribution. Same Slack channel. Same colleague. Before anyone's first coffee.
Google Ads, Meta, Stripe. One message. No Looker. No Data Studio. No dashboard tab left open since Tuesday.
11,000+ teams use Viktor daily. SOC 2 certified. Your data never trains models.
How was today's email?
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The BRRR is meant for informational purposes only. It is not investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.
