Nilesh Shah, MD of Kotak Mahindra Asset Management, asserts the current AI-driven stock market rally is not a dot-com bubble, citing different fundamentals like profitability and lower leverage. He argues India's market correction in 2025 was due to stretched valuations and slowing earnings growth, not missing the AI trend. Shah emphasizes that market performance is primarily linked to earnings, governance, and delivery, not just participation in specific tech waves.