The real problem is that "bubble" is a poorly defined word. We shouldn't use the same word to describe the tulip bubble and the dot com bubble. The tulip bubb

The real problem is that "bubble" is a poorly defined word. We shouldn't use the same word to describe the tulip bubble and the dot com bubble. The tulip bubble to me is what we really think of as a bubble. A collective mania causing price to go up in a completely irrational way. If we can agree the valuation of a company should be all future discounted cash flows of a company then it doesn't strike me as irrational for the price of stocks during dot com or today to go through the roof. Valuation is really hard and really uncertain and then all the harder for something new and highly disruptive. The problem with using the word bubble in the tulip bubble sense with AI is there is surely no guarantee the price of NVDA is going to fall sharply from here as if it was a tulip bulb selling for the price of a house.