Jeremy Schwartz: Today Is Nothing Like The 2000 Tech Bubble

Jeremy Schwartz says today's markets are nothing like 2000 bubble.

The expanded tech sector trades around a 22 forward P/E, Tesla is the only big stock priced like the dot-com era, and for public market investors there's no real bubble. If anything, he says, AI adoption hasn't even reached the national anthem.

On Convergence, our series with WisdomTree, WisdomTree's Global Chief Investment Officer explains why markets are climbing a wall of worry with reasonable valuations, why he doesn't see a dramatic Fed hiking cycle, and how people across his firm built around 60 apps in five months by vibe coding, which makes him want more people using these tools, not fewer. He breaks down WisdomTree's push into tokenization, from tokenized gold to a tokenized money market fund that can now trade 24/7, and why tokenized ETFs are coming as the SEC pushes progress forward. He also previews the new collaboration with Return Stacked ETFs and explains why a few percent in Bitcoin makes sense as a diversifier in multi-asset portfolios.