The crash that could torch US$35 trillion of wealth

The US stock market has see-sawed lately amid a flare-up in trade tensions, but remains near its all-time high. The surge, fuelled by

enthusiasm around artificial intelligence,

has drawn comparisons to the exuberance of the late 1990s that culminated in the dot.com crash of 2000.

Though technological innovation is undeniably reshaping industries and increasing productivity, there are good reasons to worry that the current rally may be setting the stage for

another painful market correction

. The consequences of such a crash, however, could be far more severe and global in scope than those felt a quarter of a century ago.