""I joined one week before the Nasdaq peaked," Fogel recalls. Within a year of his arrival, the stock had cratered to $6 a share. By March 2002, the Nasdaq, a proxy for the burgeoning e-commerce and tech infrastructure companies that went public, plunged 77% from its March 2020 highs. Quips Fogel: "At the time, my mother was wondering whether I still had a job.""
"His experience navigating the dotcom bubble (more on that in a moment) affords a compelling perch from which to observe the current generative artificial intelligence (gen AI) boom. He sees parallels in the gold-rush mentality of both booms: "There's lots of investments, lots of new companies," he says. "Many of them will not make it. Many investors will lose money.""
Glenn Fogel joined Priceline in early 2000, a year after the travel site's blockbuster IPO, and experienced the subsequent crash that reduced the stock to $6 a share. By March 2002 the Nasdaq plunged 77% from its March 2020 highs. Fogel now serves as CEO and president of Booking Holdings, parent of Priceline, KAYAK, Booking.com, OpenTable, and other brands. He compares the current generative AI boom to the dotcom era, noting a gold-rush mentality with many new companies and heavy investment. He warns that many companies will not survive and many investors will lose money. Corporate investment in AI reached $252.3 billion, and private investment in gen AI reached $33.9 billion in 2024. He points to breakthroughs like Google's AlphaFold model.
Read at Fast Company
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