I see it as a bubble because they don't have to pay anything to host or publish content even though there is a cost there (storage, streaming, etc..) so they're

I see it as a bubble because they don't have to pay anything to host or publish content even though there is a cost there (storage, streaming, etc..) so they're essentially hoping that YT can keep providing a free service with ads even if they're running at a loss. It's not clear if YouTube is specifically profitable, because Alphabet only separates revenue, not profit. But, I would imagine they're not running huge margins or even at a loss given their recent crackdown on ad-blockers and Google's overall fight against them with things like manifest V3.