‘We are going to destroy jobs faster than we can replace them’: The CEO whose 80% stock plunge personified the dotcom bubble on AI’s impact

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And now he is seeing potential signs of the cycle repeating with another transformative technology as a whirlwind of investments and excitement about artificial intelligence has propelled the stock market to new highs. Chambers took a similarly meteoric ride in his early days running Cisco, which had a market value of about $15 billion in 1995, when networking equipment suddenly became must-have components for the buildup of the internet. The feverish demand briefly turned the firm into the world’s most valuable company — worth $550 billion in March 2000 — before the investment bubble burst. The crash caused Cisco’s stock...