James Ferguson, a portfolio manager at Ariel Investments, warns that the current AI boom, fueled by companies like Nvidia, could burst like the dot-com bubble of the late 1990s. He believes that while AI has immense potential, the hype surrounding it has led to excessive valuations and unrealistic expectations. Ferguson cautions that the AI frenzy could end abruptly, just as the dot-com bubble did, leaving investors with significant losses. He advises investors to be cautious and not get caught up in the AI mania, as many companies may struggle to monetize their AI offerings effectively. Ferguson also notes that established tech giants like Intel and Cisco could face challenges in adapting to the AI revolution, potentially losing market share to more nimble competitors. Overall, he emphasizes the importance of careful due diligence and a long-term investment horizon when navigating the AI landscape.