Tech Stocks Are on a Tear—Is It 1999 Again?

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Investors can’t agree on whether the tech-stock rally looks like the prelude to an eventual bust—like that of the dot-com era—or the start of a more durable rally.

Investors and analysts who believe the rally has more room to run say that software developers, chip makers and other companies investing money in artificial intelligence have the potential to be at the forefront of a technology that could transform society in the coming years.

Others are more skeptical. They say previous boom-and-bust cycles have taught them that it is more difficult than it might seem to pick out the handful of companies that could ultimately dominate an industry over the long run.