Why Meta’s $250-million AI hire shows the tech bubble isn’t over yet

During the dotcom bubble, companies proved their clout not by making profits but by how much money they could burn — often other people’s money. Extravagant offices, Aeron chairs, splashy ads for non-existent products, and lavish parties became the norm. As one founder put it then, turning a profit was “so old-economy,” according to MarketWatch.

Now, MarketWatch argues, history is repeating itself with artificial intelligence. In what some are calling an “AI bubble,” money-losing companies are being valued in the hundreds of billions of…