I think the term "bubble" is far too presumptuous. You can only know if something is a bubble with hindsight. There have been examples where things look like a

I think the term "bubble" is far too presumptuous. You can only know if something is a bubble with hindsight. There have been examples where things look like a bubble to some market participants, but turn out to be more or less a good reflection of that thing's future value. AI is uniquely hard to value too because there's so many exponentials which may or may not occur, with those exponentials both having the potential to make products exponentially more valuable or redundant. There's also different parts of the AI stack and again it's really hard to see which part of the AI stack holds secure value, perhaps with the exception of the hardware providers. Anyway, I suspect in a few years those calling AI a bubble will mostly be proven wrong, but that's just my sense of things.