By Abraham DarwyneThe current boom in artificial intelligence (AI) spending and the associated market surge is creating a bubble worse than that of the 2000s dotcom era, according to GQG Partners, who in a recent research note argued the tech sector now faces lower growth, higher competition and greater capital intensity. “In our view, the consequences of the current Al boom could be worse than those of the dotcom era, as its scale-relative to the economy and the market-is far greater,” the note said. “Clients regularly pushed back on our historical overweight position in the technology sector just a few years ago.”GQG has previously benefitted from holding overweight positions in the likes of Microsoft, Amazon and Nvidia. In retail, they said high-quality companies like Walmart and Costco now trade at “massively inflated multiples”, mirroring Walmart’s peak valuation during the dotcom bubble. “In our view, this is far worse than the internet bubble, which at least generated meaningful revenue,” they said.