James Altucher said in a new online presentation that he believes the artificial intelligence bull market is "only halfway through" and that the next phase could be larger than the first. The former hedge fund manager argues investors risk exiting too early, drawing a comparison with the dot-com era, when concerns about overvaluation in 1996 preceded further gains in 1997, 1998, and 1999. He says demand for AI infrastructure, especially computer chips, remains a key driver, citing Elon Musk’s claim that he needs 50 times more chips than the market can currently provide. Altucher argues that the current moment is an inflection point rather than a peak, while the release also points to broader signs of infrastructure strain, including an August 2026 market outlook expecting continued strength in AI stocks and a Goldman Sachs projection that U.S. data center power demand will roughly double between 2025 and 2027. The presentation is available online for free through Paradigm Press.