The US equity markets started off 2024 on a surprisingly strong note. In particular, a few names related to artificial intelligence have seen their prices continue to hit new highs. Nvidia and AMD, for example, have been up +78% and +43% year-to-date (as of March 11, 2024). The drastic run-up in share prices has led many investors to ask – are we in a tech bubble like in 1999? The famous billionaire investor, Ray Dalio, says that we are not in a stock bubble, at least not yet. Here is a summary of his thoughts and analysis.