• Homrich & Berg analysis finds no consistent stock-market “playbook” across major investment booms over the past 150 years.
• AI investment boom since late 2022: real stock prices up 71% in just over 3 years, second to the 1990s telecom-fiber surge.
• Broad-market earnings up 33% about 40 months into the AI cycle; telecom-fiber showed 10% growth, railroads 19%.
• Price-earnings gap in early AI cycle about 20 points; far below telecom-fiber’s 92-point gap, below highways’ 38-point gap.
• Market P/E up about 20% to 25x from 22x; prior booms typically saw about 55% multiple expansion by peak.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Homrich & Berg Inc published the original content used to generate this news brief on August 20, 2026, and is solely responsible for the information contained therein.