Boom And Bust: Is AI The New Dotcom Bubble?

Boom And Bust: Is AI The New Dotcom Bubble?

From The Bottom Line by BBC Radio 4

January 15, 2026 · 36 min

About this episode

The episode discusses the parallels between the current AI boom and the dotcom bubble of the late 1990s.

Right now, Artificial Intelligence feels unstoppable. Investors are piling in, expectations are sky-high and claims about a radically different future are everywhere. To anyone who remembers the late 1990s, it all feels strikingly familiar. Back then, the internet sparked the dotcom boom - a frenzy of big ideas, easy money and soaring valuations. When the bubble burst in 2000, billions were lost and companies wiped out. Yet the core idea proved right - the internet did transform lives, just more slowly and messily than expected. And there are important lessons to be learned. Evan Davis talks to Ernst Malmsten, co-founder and CEO of boo.com, one of the most high-profile startups of the dotcom era. From his frontline seat in the boom and bust, he shares what really happened and what today’s AI moment can learn from it. Guests: Ernst Malmsten, co-founder and former CEO, boo.com Gretchen Morgenson, business reporter at the New York Times during the dotcom bubble, now senior financial reporter, NBC News Investigations David Pringle, tech writer and former Wall Street Journal reporter Production team: Presenter: Evan Davis Producer: Sally Abrahams Production Co-ordinators: Katie…

People in this episode

Host: Evan Davis

Guests: Ernst Malmsten, Gretchen Morgenson, David Pringle

Topics covered

  • Artificial Intelligence
  • dotcom bubble
  • investment
  • technology
  • business lessons

Keywords

  • AI
  • dotcom bubble
  • investment
  • technology
  • business
  • Evan Davis
  • Ernst Malmsten

Mentioned in this episode

Organizations: boo.com, New York Times, NBC News Investigations, The Open University

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