Or take a look at the price-to-earnings ratio — a common measure of how much the future profits of a company are valued over current ones — of the stocks of companies heavily invested in A.I. They are at levels not seen since the dot-com bubble of 2000. Shares of the A.I. chipmaker Nvidia are trading at roughly 55 times earnings, nearly double what they were a decade ago. And by our own estimates, the share of the economy devoted to A.I.
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