CITIC Securities: Current AI Trade Resembles 2021 New-Energy Cycle More Than 2000 Dot-Com Boom
A CITIC Securities research note said the AI market rally since June 2025 looks more like the 2021 new-energy cycle than the 2000 dot-com cycle, according to 36Kr. The note said upstream AI-related names still have not seen a collapse in forward P/E multiples and earnings expectations are only star…