Wall Street remains resilient, with the Dow and S&P 500 only 1.0 per cent and 2.0 per cent below their all-time highs, respectively, and the Russell 2000 small cap index up 20 per cent this year. However, the Nasdaq is flirting with a 10 per cent correction, and the Philadelphia Semiconductor Index, though still up 55 per cent on the year, has slipped into a technical bear market. Comparisons are drawn with the dotcom crash, when the Nasdaq plunged by 75 per cent and took 15 years to recover. Some analysts warn an AI crash could rival or exceed the 2008 Global Financial Crisis, citing the build-up of debt and leverage, particularly "circular financing" among firms in the AI value chain, which they compare to the complex leveraged products in the US sub-prime housing market. Semiconductor companies’ weighting in the S&P 500 index is a record 19 per cent, more than double what it was in 2000. Nvidia CEO Jensen Huang told Bloomberg, "I think we have the ability as an industry to double each year." Warning signs include soaring leverage, record-high costs of insuring against hyperscaler defaults, and private credit described as an opaque $3 trillion tinder box at the mercy of rising bond yields.