New Delhi, Oct. 13 -- It is said that history doesn't repeat itself but it often rhymes. If the Bank of England (BoE), IMF, Jamie Dimon and Lloyd Blankfein are to be believed, the US market is composing a verse that sounds eerily like the late 1990s-with AI playing the part once filled by Pets.com and sock puppets.

On 8 October, the BoE issued a warning that could have come straight from Alan Greenspan's "irrational exuberance" era, cautioning that AI company valuations are dangerously "stretched." That's central banker speak for: 'If you squint at the fundamentals, you might eventually see the bottom.'

Meanwhile, JPMorgan's CEO Dimon, never one to sugarcoat a storm, has indicated that the probability of a bust is probably three times w...