Financial advisor warns of AI exuberance as Nasdaq soars

STORY: The tech-heavy Nasdaq led gains on Wall Street on Thursday, as heavyweight Amazon gained 2% while Nvidia, Apple and Tesla rose between 1% and 3.5%.

"There's no question the AI buzz is here," says Belanger. "It's affecting a lot of names, most notably Nvidia... and there is some economic benefit to the technology that's going to be out there. A lot of it will go away."

Belanger cites data showing that the Nasdaq outperformed the S&P 500 by more than 9% in May. The last eight times that happened, he says, were in the months preceding the dotcom crash of early 2000.