dotcom bubble AI comparison

On July 6, 2026, NOTUS obtained a draft report from the U.S. Treasury Department that the administration never intended the public to see. Career Treasury analysts — not political appointees, not AI skeptics, but the same analysts who monitor systemic financial risk — concluded that the AI market shares dangerous structural parallels with the dotcom bubble, that AI firms are more deeply embedded in the U.S. economy than their dotcom predecessors, and that a downturn would send 'shockwaves throughout the entire economic ecosystem.' The Treasury spokesperson dismissed the report as 'unvetted.' But the data backing it comes from the BIS, JPMorgan, PIMCO, and the Federal Reserve — and it paints a picture that every CIO, CFO, and procurement leader needs to understand before signing their next AI vendor contract.