Is it in 1996 or 1999? Can the stock market double in 2030 like when the valuation reached its 60-year high during the Internet bubble?

The current market valuation is consistent with the level during the Internet bubble period, with the expected price-to-earnings ratio reaching the highest level since the bursting of the technology bubble, and Schiller's price-to-earnings ratio approaching the historical high. The AI-driven boom has driven large spending, such as Oracle's stock soaring 30% on OpenAI's rumored $300 billion investment commitments, and a record-breaking recruitment bonus report. While AI revenues have been minimal so far, FOMO has driven investment and warned that music will stop once AI capital expenditures are over. The key question is: Are we in 1996 (early stage) or 1999 (the peak of the bubble)?