Previous bubbles were characterised by "mass participation in the relevant markets" This hasn't happened yet for AI, and there's a good chance it won't happen.

Previous bubbles were characterised by "mass participation in the relevant markets" This hasn't happened yet for AI, and there's a good chance it won't happen. Ie neither OpenAI nor Anthropic go public, or if they go public, the reception is "meh" Nevertheless, independent of wider market sentiment, imho there is still a bubble in "closed models". One could, eg, pay attention to OpenAI/Anthropic/Copilot/Google's monthly new consumer subscriptions (Oversubscribed but in a hyperhyperreal sense lol. It seems that there are too many people queuing for this new restaurant, and those that have tasted the food all think it's ok but not healthy enough ("productivity mirage"). but people on the street can't see it because the bookings are all online. It may be that Gemini pro's subscriptions may be the last one to fall off the cliff. When that happens even the "open cloud models" bubble may pop (after everyone sees Google sunsetting Gemini, or making it exclusive to Apple lol) US, not Korea https://archive.ph/WBSCj https://archive.ph/WBSCj